Man sought for 15 years charged with securities fraud
Published on: Thursday, May 09, 2024
By: FMT
The Securities Commission says Daniel Wong was charged in the Kuala Lumpur sessions court today in connection with a 2007 securities fraud case involving RM17.6 million.
PETALING JAYA: After 15 years of evading the authorities, the Securities Commission has finally caught up with a man and charged him for his alleged involvement in a securities fraud amounting to RM17.6 million in 2007.
The commission said Daniel Wong pleaded not guilty in the Kuala Lumpur sessions court today to a charge under Section 122C(c) of the Securities Industries Act 1983.
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If convicted, Wong faces a fine of at least RM1 million and a maximum jail term of 10 years.
He is accused of abetting the late Gordon Toh Chun Toh in misusing RM17.5 million from Multi-Code Electronics Industries Bhd’s funds in 2007 to purchase over 11 million Multi-Code shares through Ace Prelude Sdn Bhd.
Wong was a former managing director at Multi-Code.
Judge Azrul Darus denied bail after the SC cited a flight risk as Wong had a history of absconding while facing criminal charges.
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“Wong has been at large for 15 years despite numerous efforts to locate him and two separate warrants of arrest issued against him in 2009 and 2019,” the commission said in a statement.
“He was arrested at KLIA Terminal 2 on his return from Singapore yesterday with the assistance of Interpol, Singapore police force’s commercial affairs department and Malaysia Airports’ aviation security.”
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The SC said Toh was previously charged under Section 87A(b) of the Securities Industries Act 1983 and Section 409 of the Penal Code.
He was convicted by the sessions court, sentenced to 12 years imprisonment and fined RM1 million. However, he died before his appeal could be heard by the High Court.
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