Qualampur: Federation of Investment Manager Malaysia has publicly reprimanded a former unit trust and private retirement plan advisor for professional misconduct.
Evangelin Rajmani Lajaru, with the first public mutual barhad, misled an investor to deposit RM40,000 in his personal investment account instead of the desired fund.
He later misused the money intended for investor’s unit trust investing with public mutuals.
The misconduct took place on 21 March 2022, and was detected through notification from its former distributor to FIMM.
Fimm found him in violation of his codes of morality and 4.3 (C) of his code of morality about moral standards and customer behavior.
The decision considered both mitigation and growing factors in his case.
Fimm made public reprimand under Rule 6.6.1 (B) (II) of its consolidated rules.
It has been stopped from registration with FIMM for three years effective from July 10, 2025 under Rule 6.6.1 (B) (X).
Fimm said that this action sends a strong message about compliance with its rules and standards.
The Federation emphasized the importance of advisors observing all rules during marketing products of investment products.
The purpose of this remedy is to prevent malpractice and protect the interests of the people investing in Malaysia. – Bernma
