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An announcement by the Capital Market Authority regarding the issuance of the final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) to convict a violator of the Capital Market Law and its implementing regulations

CMA announces a final decision by The Appeal Committee for the Resolution of Securities Conflicts (ACRSC) on 27-2-1433H/21-1-2012 regarding the lawsuit filed by the Capital Market Authority (CMA) against Fahad bin Abdulaziz bin Abdullah Albanyan. The ruling of ACRSC upheld the decision of the Committee for the Resolution of Securities Disputes (CRSD) convicting the defendant of violating Article (49) of the Capital Market Law as well as Article (2) and Article (3) of the Market Conduct Regulations when trading the shares of Al-Baha Investment & Development co. during 13 & 14 July 2009. These practices formed manipulation and fraud and created a misleading impression. The following fines and sanctions shall be applied:
1. Impose a fine on him amounting to (SR. 10,000) Ten Thousand Saudi Riyals.
2. He shall refrain for six months from trading through the purchase of shares in companies listed in the Exchange Market.
3.  He shall refrain for six months from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.
4. He shall refrain for six months from working in companies of which their shares are traded in the Exchange Market

By that, CMA insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.