The condemnation of 10 investors in violation of the financial market system and fining them 860 thousand riyals
The Capital Market Authority has announced the issuance of the decision of the Appeals Committee in the final securities disputes against 10 investors, in violation of paragraph (a) of Article 49 of the financial market system, and paragraph (a) of Article Two of the Square of Market Behavior, and fined them 860 thousand riyals, and obligating them and other investors to pay more than 96 million riyals for the illegal gains achieved from those violations. The Appeals Committee, each of: Ibrahim bin Abdullah bin Muhammad Al -Junaidali, Ahmed bin Ali bin Sulaiman Al -Yahya, Ismail bin Saleh bin Muhammad Al -Hathloul, Khaled bin Abdullah bin Shalash Al -Shalash, Dham bin Muhammad bin Hamoud Al -Daham, Abdul Rahman bin Abdullah bin Abdul Rahman Al -Aini, Abdul -Malik bin Abdulaziz bin Suleiman Al -Sakit, Ali bin Saleh bin Ali Al -Uthaim, Al -Othaim, in violation of paragraph (a) of the forty -ninth article of the financial market system, and paragraph (a) of the second article of the market behavior list. The period from the date of 02/02/2019 until the date of 12/05/25 AD, through their investment portfolios or investment portfolios that they run, as these behaviors and practices formed manipulation and fraud, and created a misleading and incorrect impression regarding the value of the financial paper of the company referred to. The illegal gains achieved on their investment portfolios due to the violations that were convicted of, in addition to obliging a number of investors to pay a total amount of 31.9 million riyals to the authority’s account, in exchange for the illegal gains achieved on their investment portfolios, resulting from the violating trading committed by the convict Ismail bin Saleh bin Muhammad Al -Hathloul, Ali bin Saleh bin Ali Al -Othaim and Majid bin Rumi bin Sulaiman Benefiting from those violating trades. Related, and in light of the general criminal lawsuit filed by the Public Prosecution and referred to it by the Capital Market Authority against investors for violating the financial market system. The aim of finding an attractive investment environment for all groups of investors and safe from unfair or improper practices or that involve fraud, fraud, fraud, misleading or manipulation. This submitted a complaint to the Capital Market Authority in this regard, on the following link (a link to file a complaint), knowing that the General Secretariat of the Secretariat for Securities Disputes will be announced to the public on its website when restricting any collective lawsuit so that the rest of the investors affected by the same violations can apply to the committee requesting to join the collective case. Finance announced to the public on its website the identity of the violators after proving the violations and penalties and the issuance of the final decision of the Appeals Committee in Securities Disputes.
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