CRSD fines 3 violators of Capital Market Law SAR 180,000

Logo of The Appeal Committee for Resolution of Securities Disputes (ACRSD) 

The Appeal Committee for Resolution of Securities Disputes (ACRSD) fined three convicted persons SAR 180,000 for violating Article 31 of the Capital Market Law (CML) and Article 5 of the Securities Business Regulations.

The ACRSD convicted Turki bin Musa'ad bin Ali Almubarak of acting as an agent, receiving money from several people and investing it for them in his portfolios in exchange for a percentage of profits, without obtaining a CMA license. He was fined SAR 100,000.

It also convicted Esam bin Nassar bin Mnawer Alazmi of violating the Capital Market Law and its Implementing Regulations, imposing a fine of SAR 70,000.

The ACRSD further convicted Maha bent Awaadh bin Sa'eed Alotaibi and imposed a fine upon her amounting to SAR 10,000 for acting as an advisor without obtaining a license from the CMA.

The three final decisions of ACRSD came as a result of joint coordination and cooperation between the CMA and relevant concerned authorities and in light of the public penal lawsuit filed by the Public Prosecution, referred to it by the CMA, against the three investors for violating the Capital Market Law and its Implementing Regulations, said the regulator.

The GS-CRSD will announce to the public on its website in case of registering any class action in order to enable the rest of investors affected by such violations to apply to the CRSD to join the class action.

CMA indicated that the GS-CRSD announced to the public on its website the identity of the violators in the three decisions after the violations and sanctions were proven and the final decisions were issued by ACRSD.