Section 72
Power of Registrar to terminate unregistered scheme
The Registrar shall have the power to terminate an unregistered scheme and may make one or more of the following:
(a)
direct any person to compensate any person who have purchased any interest in the scheme;
(b)
restrain any person from carrying on any of the following activities:
(i)
promote any interest in the scheme to the public;
(ii)
deal or generate interest in its products or offering of products;
Interest Schemes
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(iii)
print, publish or distribute or cause to be printed, published or distributed, written materials promoting interest in the schemes;
(iv)
make any recommendation, or offer advice, whether orally or in writing, to any person in relation to a product or a decision by a person regarding whether or not to invest in a product;
(v)
induce, solicit, collect or receive money from a person in relation to the scheme; or
(c)
give any other directions as the Registrar thinks fit.
(2)
The Registrar may apply to the Court for an order to nullify any contract made as a result of any offer of interest in an unregistered scheme and such other consequential order as the Court thinks fit.
(3)
The application made under subsection (2) shall be by way of ex parte application.
(4)
Any person who contravenes the direction given under subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or a fine not exceeding fifty million ringgit or to both.