The Bangladesh Securities and Exchange Commission (BSEC) has banned Kamruzzaman Rummon, an authorised brokerage trader at International Securities Ltd, for embezzling more than Tk36 lakh of a client's money.
The BSEC after a commission meeting on Wednesday said the authorised representative at the Chittagong Stock Exchange (CSE) brokerage firm had received over Tk1.09 crore from non-resident Bangladeshi investor Ferdousi Rahman to inject it into the latter's own investment accounts.
But Rummon gave her a receipt that showed the amount received was less than Tk73 lakh. The remaining Tk36.3 lakh was embezzled by him.
The investigators also found that in early 2018, stocks worth nearly Tk36 lakh from her account were sold without her approval. The signatures in sale orders did not match hers.
The BSEC decided to fine the brokerage firm as well as Rummon Tk5 lakh each.
Until the client's complaints are resolved in or outside court, Rummon's licence will remain halted, and he cannot work as a capital market intermediary.