In a recent case in Kuching, a man has come forward alleging that a bank officer made unauthorized investments in financial instruments and unit trusts using his elderly father’s fixed deposit. The son, concerned about the loss-making investments for his father who is in his 80s, sought assistance and legal advice from Kota Sentosa assemblyman Wilfred Yap, who is also a lawyer.
Yap advised the individual to engage an accountant to review the transactions made since 2017 and compile a record of the disputed amounts. He also suggested requesting official documents authorizing the transactions made by the elderly father and verifying the identity through biometric verification. Yap expressed his readiness to assist in seeking justice if there is indeed a breach of banking procedures and fiduciary duty on the part of the bank.
The assemblyman emphasized the importance of vigilance when making investments. He warned against investment products or strategies that promise exceptionally high returns without risk, as they may be too good to be true. Yap advised potential investors to be cautious of brokers who work on commission, as they may prioritize their own interests over the client’s needs.
Furthermore, Yap highlighted the role of brokers in buying and selling investments. He cautioned against brokers who try to create excitement, describe investments as the “next big thing,” promise wealth, or claim to have inside information, as these practices are illegal. Investors should be wary of such tactics and consider stepping back from such offers.
In conclusion, Yap’s advice serves as a reminder for the public to exercise caution and due diligence when considering investments. It is essential to research thoroughly, seek professional advice, and be aware of red flags that may indicate potential risks. By staying informed and vigilant, individuals can protect themselves from falling victim to unauthorized or risky investment schemes.
