ع

Published on the same date

No announcements

An Announcement by the Capital Market Authority regarding the issuance of the final decision by The Committee for the Resolution of Securities Disputes (CRSD) to convict a violator of the Capital Market Law and its Implementing Regulations

CMA announces the issuance of a final decision by the CRSD on 24-1-1434H corresponding to 8/12/2012 which became executed on 3/3/1434H corresponding to 15/1/2013 regarding the case raised by CMA against Bandar Bin Mos’hil Bin Hawwas Alotaibi and Turki Bin Mos’hil Bin Hawwas Alotaibi. The final decision was to convict the accused of violating Article (31) of the Capital Market Law and Articles (5) and (17) of the Securities Business Regulations. They carried on securities business without an approved authorisation by CMA. They were advising and giving recommendations to invest in the Saudi Stock Exchange on two websites that send SMS messages to subscribers for an amount of money for subscription paid to the violators’ bank accounts. The following fines and sanctions shall be applied:


First: Bandar Bin Mos’hil Bin Hawwas Alotaibi

  1. Oblige him to pay all the revenues he collected due to these violations to CMA’s account. The total amount is (SR 93,100) Ninety Three Thousand and One Hundred Riyals.
  2. Imposition of a penalty of (SR 200,000) Two Hundred Thousand Saudi Riyals.
  3. He shall refrain for three years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.

Second: Turki Bin Mos’hil Bin Hawwas Alotaibi

  1. Oblige him to pay all the revenues he collected due to these violations to CMA’s account. The total amount is (SR 141,700) One Hundred and Forty One Thousand and Seven Hundred Riyals.
  2. Imposition of a penalty of (SR 200,000) Two Hundred Thousand Saudi Riyals.
  3. He shall refrain for three years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant

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.