The Monetary Authority of Singapore (MAS) has issued a 10-year ban on Ahmadnawar Bin Abd Karim, following a conviction for operating without a license and cheating.
With this order, Ahmadnawar is banned from executing any regulated activity under the Securities and Futures Act (SFA). He is also banned from taking part in the management, acting as a director or becoming a substantial shareholder of any capital market services firm under the SFA.
The Singapore watchdog found that Ahmadnawar solicited investments from 32 individuals from 2015 to 2017. He drew up contracts to manage the money from his investors and foreign exchange on their behalf. MAS noted that he carried out these fund management operations without holding a capital markets services licence.
During the same period, Ahmadnawar also embezzled total amount of $132,810 from two investors. He convinced them to transfer the funds to him but instead used it to repay other investors and for his own personal expenses.
Ahmadnawar was sentenced to 26 months imprisonment for conducting regulated activities without a licence under and fraud.
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