​The Capital Market Authority announces that the Appeal Committee for the Resolution of Securities Disputes has issued its decision dated 07/03/1437H corresponding to 18/12/2015 regarding the lawsuit filed by the Capital Market Authority against Yousef bin Zayed bin Zoweed Aladheelah Almutairi (first defendant) , Wajdi bin Amin bin Salim Farrash (second defendant) and Fayha bint Harbi bin Radhi Almutairi (third 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. The first defendant  used his cell phone and a website to give recommendations on shares of companies listed in the Saudi Stock Exchange  in return for money transfers made to the bank accounts of  the first, second, and third defendants. The decision of the committee included the imposition of a fine of 200,000 Two Hundred Thousand Riyals on the first defendant and a fine of 15,000 Fifteen Thousand Riyals on the second defendant and a fine of 60,000 Sixty Thousand Riyals on the third 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.