CMA announces the issuance of a final decision by the CRSD on 7-5-1434H corresponding to 19/3/2013 which became executed when the appeal date was overdue on 17/6/1434H corresponding to 27/4/2013 regarding the case raised by CMA against Mohammed Bin Ali Bin Khalid Al Hadi AlAsmari, Saad Bin Saeed Bin Ali Al Mousa and Ali Bin Saad Bin Saeed Al Suhaim AlAsmari. The final decision was to convict the accused of violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations. They practiced securities business without an approved authorisation by CMA. They have attracted a group of investors by signing investment contracts to invest, by selling and buying, the investors’ money in the Saudi Stock Exchange. The following fines and sanctions shall be applied:
First: Mohammed Bin Ali Bin Khalid Al Hadi AlAsmari
1. Imposition of a penalty of (SR 100,000) One Hundred Thousand Saudi Riyals.
2. He shall refrain for three years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.
Second: Saad Bin Saeed Bin Ali Al Mousa
1. Imposition of a penalty of (SR 50,000) Fifty Thousand Saudi Riyals.
2. He shall refrain for three years from engaging in activities of brokerage and portfolio management, in addition to working as an investment consultant.
Third: Ali Bin Saad Bin Saeed Al Suhaim AlAsmari
1. Imposition of a penalty of (SR 50,000) Fifty Thousand Saudi Riyals.
2. 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.
