Securities Commission to filter out scams on Net
1 Jun 2007 (The Star)

PETALING JAYA: The Securities Commission will block access to websites offering illegal investment schemes beginning June 11.

Investors, the commission said, would not be able to enter their accounts once access to the websites was blocked.

All existing investors to such schemes via the Internet are urged to withdraw their investments and terminate their accounts immediately, the SC said in a statement on its website yesterday

Despite repeated warnings and investor alerts, people still continued to invest in illegal investment schemes, it said.

Between April and this month, the SC has received about 720 enquiries and complaints on illegal internet investment schemes with some indicating that had they lost huge sums of money.

The SC said it was working with the Malaysian Communications and Multimedia Commission (MCMC) and CyberSecurity Malaysia to track, identify and block access to local and foreign websites promoting such investment scams.

Log on to www.sc.com.my for the list of companies and individuals licensed by SC and for the list of those not authorised to deal in securities, providing investment advice and related fund management services, among others.