The General Secretariat of Committees for Resolution of Securities Disputes announces the issuance of the Appeal Committee for Resolution of Securities Disputes' decision No. (1672/L.S/2019) of 1440 H dated 01/07/1440 H, corresponding to 08/03/2019, in the case filed by the Public Prosecution against: Fahad bin Ahmad bin Nazal Albiyali. The Appeal Committee's Decision concluded with the conviction of the abovementioned individual for violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations, by practicing securities business without license, where he managed an investment portfolio through which he traded on behalf of a number of investors in exchange for a commission. The Appeal Committee's Decision further included imposing a fine of (70,000) Seventy Thousand Saudi Riyals against such violation.

Moreover, any person who has entered into an agreement or contract with the convict in relation to this violation shall be entitled to file a claim to the Committee to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred by him under the agreement or contract as per paragraph (b) of Article 60 of the Capital Market Law, provided that such claim is preceded by a complaint filed to the Authority.