FIMM issues public reprimand against former unit trust consultant

KUALA LUMPUR: The Federation of Investment Managers Malaysia has publicly reprimanded a former unit trust and private retirement scheme consultant for professional misconduct.

Evangeline Rajamani Lazaroo, previously with Public Mutual Berhad, misled an investor into depositing RM40,000 into her personal investment account instead of the intended fund.

She subsequently misappropriated the funds intended for the investor’s unit trust investment with Public Mutual.

The misconduct occurred on March 21, 2022, and was detected through notification from her former distributor to FIMM.

FIMM found her in breach of Paragraphs 4.1(a) and 4.3(c) of its Code of Ethics regarding ethical standards and client dealings.

The decision followed consideration of both mitigating and aggravating factors in her case.

FIMM imposed the public reprimand under Rule 6.6.1(b)(ii) of its Consolidated Rules.

She has been barred from registration with FIMM for three years effective July 10, 2025, under Rule 6.6.1(b)(x).

FIMM stated this action sends a strong message about compliance with its rules and standards.

The federation emphasized the importance of consultants observing all regulations when marketing investment products.

This measure aims to deter misconduct and protect the interests of the investing public in Malaysia. – Bernama