Saudi Arabia's Capital Market Authority Imposes SR42.9 Million in Fines for Market Manipulation
The Saudi Arabia Capital Market Authority (CMA) imposed fines totaling SR42.9 million ($11.4 million) on 13 investors and others for violating securities laws.
The investors were fined SR17 million for placing purchase orders that affected share prices, some linked to sale orders, while trading in listed companies' shares.
The CMA stated that these individuals were required to pay an additional SR25.9 million for illegal gains in their investment portfolios.
The CMA's Appeals Committee made the final decision following collaboration with relevant entities.
The CMA (Capital Market Authority) in Bahrain took action in response to a criminal lawsuit filed by the Public Prosecution.
The importance of investor confidence was emphasized, and the CMA reaffirmed its dedication to combating misconduct, imposing penalties, and maintaining a fair and honest financial market.
This commitment is part of the CMA's efforts to create a favorable environment for all investors, protecting them from unjust, risky, deceptive, fraudulent, or manipulative activities.