Saudi CMA Imposes SR26 Million in Fines for Market Manipulation and Fraud: 13 Convicts Ordered to Pay SR95 Million in Illegal Gains
The Saudi Capital Market Authority (CMA) imposed SR17 million in fines and ordered SR84.8 million in payments from 13 individuals for violating Capital Market Law provisions.
The Appeal Committee for Resolution of Securities Disputes (ACRSD) under CMA issued a final decision, requiring other investors to pay an additional SR1.2 million to the authority for illegal gains resulting from the illegal trading activities of two of the convicts.
Thirteen individuals were found guilty of manipulating and fraudulently influencing the share prices of eleven companies by placing purchase orders linked to sales orders between May 4, 2020, and May 20, 2021.
They carried out these actions through other investors' portfolios, violating Article 49 of the Capital Market Law and Article Two of the Market Conduct Regulations.
The General Secretariat encouraged anyone affected by these violations to file a compensation claim with the Resolution Committee, following a complaint to the Capital Market Authority.
The secretariat will post information on its website about any registered class action lawsuits regarding investment violations.
Affected investors can then request to join the suit and access relevant trading history and security information.