Smart Investor Malaysia

Financial Planning Firms Clone Scams


The public is advised to be wary of dubious investment schemes that use the name of legitimate financial planning firms. Please check the Securities Commission Malaysia website for the latest Alert List.

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The current modus operandi of the scammers are:

  1. Use financial planning companies key names on bogus companies to confuse the public,
  2. Add members of the public to social media chat groups while pretending to be represent legitimate financial planning firms,
  3. Offer dubious investment schemes that promise high returns,
  4. Post bogus investor testimonials to show proof of transfer receipts and making profits to gain the confidence of potential victims.

It has also come to the attention of the Financial Planning Association of Malaysia (FPAM) that nine financial planning firms who are FPAM’s Corporate Members had their names cloned to promote illegal schemes. Their actual names are:

  1. Wealth Vantage Advisory Sdn. Bhd. (eCMSL/A0349/2018)
  2. Genexus Advisory Sdn. Bhd. (eCMSL/A0338/2017)
  3. Excellentte Consultancy Sdn. Bhd. (eCMSL/A0320/2013)
  4. Alpine Advisory Sdn. Bhd. (eCMSL/A0362/2020)
  5. UOB Kay Hian Securities (M) Sdn Bhd (eCMSL/A0018/2007)
  6. CC Advisory Sdn. Bhd. (eCMSL/A0342/2017)
  7. Harveston Wealth Management Sdn Bhd (CMSL/A0275/2010)
  8. iFast Capital Sdn. Bhd. (eCMSL/A0229/2008)
  9. Kenanga Investors Berhad (eCMSL/A0227/2008)

To protect yourselves from being scammed, please do the following before making any payments or investments:

Anyone who have fallen victim to these scams should do the following:

  1. Immediately report to the National Scam Response Centre’s (NSRC) by calling their hotline 997
  2. Report to Securities Commission Malaysia (SC)

This article is brought to you by Financial Planning Association Of Malaysia (FPAM).

FPAM is a non-profit organization with a vision and mission to establish the global CFP CERT TM mark as the leading symbol of excellence for personal financial planning and to promote its recognition as a profession to benefit all Malaysians. We also strive to promote Financial Literacy across the breath of the population of Malaysia.

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