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The General Secretariat of Committees for Resolution of Securities Disputes (CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) decision No. (1790/L.S/2019) of 1441 H., dated 25/01/1441 H., corresponding to 24/09/2019G., in the case filed by the Public Prosecution (referred to it by the Capital Market Authority)  against: Muhamad bin Sa'ad bin Wahair Alharthy. The ACRSD's decision concluded with the conviction of the abovementioned individual for violating Article (31) of the Capital Market Law, as well as Article (5) and Article (17) of the Securities Business Regulations, by carrying out securities business without license, in the form of advising on shares of companies listed in the Saudi Exchange in return for financial fees, using advertisement  through a website titled “MSW Saudi Shares Recommendations".

ACRSD decision included imposing a fine of (SR. 30,000) thirty thousand Saudi Riyals for violating Article (31) of the Capital Market Law and Article (5) of the Securities Business Regulations, as well as imposing a fine on him amounting (SR. 30,000) thirty thousand Saudi Riyals for violating Article (17) of the Securities Business Regulations.  

Furthermore, any person who has entered into an agreement or contract with the convicted person in relation to this violation is entitled to file a claim with the CRSD 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 Article (60/b) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the Capital Market Authority on this regard, via the following link (click here).