​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 04/03/1437H corresponding to 15/12/2015 regarding the lawsuit filed by the Capital Market Authority against Amer bin Yahya bin Yousef Alshehri (first defendant) and Ahmad bin Ali bin Ahmad Alshehri (second defendant). The decision upheld the previous decision issued by the Committee for the Resolution of Securities Disputes convicting the defendants for violating Article (31) of the Capital Market Law and Article (5) and Article (17) of the Securities Business Regulations for practicing a securities business without obtaining a license, as the first defendant  gave, through his cell phone and a website, recommendations for trading stocks of companies listed in the Saudi Stock Exchange in return for money transfers made to the bank accounts of himself (first defendant) and the second defendant. The decision of the committee included the imposition of a fine of 80,000 Eighty Thousand Riyals on the first defendant and a fine of 40,000 Forty Thousand Riyals on the second defendant.

The Capital Market Authority insures its devotion to apply the Capital Market Law and its Implementing Regulations as well as protect the investors from illegal acts.