In a statement to the media, the Securities Commission (SC) said Arif Fadzlee Arifin has been accused of posing as a representative of CIMB Wealth Advisor Bhd to deal with securities despite not having a licence.

If he is found guilty, he is liable to a fine of up to RM5 million or he can be imprisoned for up to five years, or both.

Arif is also alleged to have passed himself off as a unit trust consultant to create the belief that he was licensed to deal in securities.

The offence carries a maximum fine of RM1 million or a five-year jail term or both.

He is alleged to have committed the two offences in 2011 in Petaling Jaya and Nilai.

Arif claimed trial at the Kuala Lumpur High Court today and has been granted bail of RM30,000 for each of the two charges.