KUALA LUMPUR: A futures trader, Mohd Azhidi Laili, has been sentenced by the Sessions Court to 20 years in prison and fined RM9 million for operating without a licence and deceiving nine investors out of approximately RM1.45 million.
Judge Hamidah Mohamed Deril delivered the sentence after Azhidi pleaded guilty to nine charges under Section 206(b) of the Capital Markets and Services Act 2007 (CMSA).
Azhidi was found guilty of defrauding his victims through a fictitious futures crude palm oil (FCPO) investment scheme, which he claimed was under AmFutures Sdn Bhd — a company that was never involved.
For each of the nine charges, he received a two-year jail sentence and a RM1 million fine, or an additional three months’ imprisonment in default of payment. The jail terms are to run concurrently.
He also pleaded guilty to an additional charge under Section 59(1) of the CMSA for misrepresenting himself as a licensed representative of AmFutures Sdn Bhd. For this, he received a further two-year prison sentence.
Although the total sentence amounts to 20 years’ imprisonment, Azhidi will serve only two years, as the sentences run concurrently from May 21, 2024 — the date his bail was revoked. However, failure to pay the RM9 million fine will result in an additional 27 months behind bars.
According to the Securities Commission (SC), Azhidi was first charged on February 14, 2022, and initially claimed trial to all charges. He was released on RM250,000 bail with two sureties, required to surrender his passport, and report monthly to the SC.
However, his bail was revoked after he failed to appear in court for two case mentions and did not comply with the reporting conditions.
The trial began in February 2023 and continued until March 2025, during which 28 prosecution witnesses — including seven victims — testified. Azhidi later changed his plea to guilty.
The prosecution team from the SC included Deputy Public Prosecutor Mohd Izuddin Mohamad and prosecuting officers Quek Yiing Huey, Raihana Nadhira Rafidi, Eunice Ong Jo Xing, and Mark Rohan Mahadevan. Azhidi was represented by lawyer Al-Sabri Ahmad Kabri.
The SC has urged the public to exercise caution and verify any investment offers through its official investment checker tool available on its website.
