The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 16/01/1438H corresponding to 17/10/2016 regarding the lawsuit filed by the Capital Market Authority against Mohammad bin Mueedh bin Yahya Alqahtani, Bander bin Salah bin Garam Allah Alghamdi, Abdulrasheed bin Ishaaq bin Abdullah Aldahlawi, Mushabbab bin Saleh bin Abdullah Alqahtani, Saeed bin Abdulrahman bin Ali Alqahtani, Abdullah bin Ahmad bin Ahmad Algharawi, Hamed bin Abdullah bin Brudy Alzahrani, Ali bin Saif bin Ali Alassaf, Mufleh bin Abdulrahman bin Ali Alqahtani. The decision convicted the defendants for violating Article (49) of the Capital Market Law and Articles (2) and (3) of the Market Conduct Regulations by trading the shares of the following companies: (Saudi Arabian Cooperative Insurance Co., Al-Ahlia Insurance Co., United Cooperative Assurance Co., Allied Cooperative Insurance Group and Gulf Union Cooperative Insurance Co.) during the period from 01/09/2009 until 30/03/2010. These practices constituted manipulation and fraud and created a misleading and incorrect impression about the mentioned companies. The following fines and sanctions are applied:

 First defendant: (Mohammad bin Mueedh bin Yahya Alqahtani)

1. Imprisonment for a period of one year.
2. Obliging him to pay (787,776.40) Seven Hundred and Eighty Seven Thousand, Seven Hundred and Seventy Six Riyals and Forty Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio and his minor son's investment portfolio. 
3. Imposing a fine of (1,860,000) One million, Eight Hundred and sixty Thousand Riyals for these violations.
4. He shall refrain from trading (buying) the shares of companies listed on the Saudi Stock Exchange, whether in person or on behalf of others, for seven years.
5. He shall refrain from portfolio management, in addition to working as an investment consultant for seven years.
6. He shall refrain from working in listed companies for seven years. 

Second defendant: (Bander bin Salah bin Garam Allah Alghamdi)

1. Imposing a fine of (110,000) One Hundred and Ten Thousand Riyals for these violations.
2. He shall refrain from portfolio management, in addition to working as an investment consultant for three years.
3. He shall refrain from working in listed companies for three years. 

Third defendant: (Abdulrasheed bin Ishaaq bin Abdullah Aldahlawi)

1. Obliging him to pay (292,642.10) Two Hundred and Ninety Two Thousand, six Hundred and Forty Two Riyals and Ten Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
2. Imposing a fine of (110,000) One Hundred and Ten Thousand Riyals for these violations.
3. He shall refrain from portfolio management, in addition to working as an investment consultant for three years.
4. He shall refrain from working in listed companies for three years. 

Fourth defendant: (Mushabbab bin Saleh bin Abdullah Alqahtani)

1. Obliging him to pay (346,579.50) Three Hundred and Forty Six Thousand, Five Hundred and Seventy nine Riyals and Fifty Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
2. Imposing a fine of (300,000) Three Hundred Thousand Riyals for these violations.
3. He shall refrain from portfolio management, in addition to working as an investment consultant for three years.
4. He shall refrain from working in listed companies for three years. 

Fifth defendant: (Saeed bin Abdulrahman bin Ali Alqahtani)

1. Obliging him to pay (1,622,735.25) One Million, Six Hundred and Twenty Two Thousand, Seven Hundred and Thirty Five Riyals and Twenty Five Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
2. Imposing a fine of (190,000) One Hundred and Ninety Thousand Riyals for these violations. 
3. He shall refrain from portfolio management, in addition to working as an investment consultant for three years.
4. He shall refrain from working in listed companies for three years. 

Sixth defendant: (Abdullah bin Ahmad bin Ahmad Algharawi)

1. Obliging him to pay (77,777.75) Seventy Seven Thousand, Seven Hundred and Seventy Seven Riyals and Seventy Five Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
2. Imposing a fine of (100,000) One Hundred Thousand Riyals for these violations. 
3. He shall refrain from portfolio management, in addition to working as an investment consultant for three years.
4. He shall refrain from working in listed companies for three years. 

Seventh defendant: (Hamed bin Abdullah bin Brudy Alzahrani)

1. Obliging him to pay (2,181,121.50) Two Millions, One Hundred and Eighty One Thousand, One Hundred and Twenty One Riyals and Fifty Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
2. Imposing a fine of (160,000) One Hundred and Sixty Thousand Riyals for these violations. 
3. He shall refrain from portfolio management, in addition to working as an investment consultant for three years.
4. He shall refrain from working in listed companies for three years. 

Eighth defendant: (Ali bin Saif bin Ali Alassaf)

1. Obliging him to pay (1,560,447.50) One Million, Five Hundred and Sixty Thousand, Four Hundred and Forty Seven Riyals and Fifty Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio. 
2. Imposing a fine of (60,000) Sixty Thousand Riyals for these violations.
3. He shall refrain from portfolio management, in addition to working as an investment consultant for three years.
4. He shall refrain from working in listed companies for three years. 

Ninth defendant: (Mufleh bin Abdulrahman bin Ali Alqahtani)

1. Obliging him to pay (1,219,039.25) One Million, Two Hundred and Nineteen Thousand, Thirty Nine Riyals and Twenty Five Halalas to the Capital Market Authority’s account for the illegal gains in his investment portfolio.
2. Imposing a fine of (60,000) Sixty Thousand Riyals for these violations.
3. He shall refrain from portfolio management, in addition to working as an investment consultant for three years.
4. He shall refrain from working in listed companies for three years. 

The decision also included obliging a number of investors to pay (718,546.80) Seven Hundred and Eighteen Thousand, Five Hundred and Forty-Six Riyals and Eighty Halalas to the Capital Market Authority account for the illegal gains made on their investment portfolios resulted from the unlawful trades committed by the Two convicted Mohammad bin Mueedh bin Yahya Alqahtani and Mushabbab bin Saleh bin Abdullah Alqahtani.

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.