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. (1830/L.S/2019) of 1441 H., dated 23/03/1441 H., corresponding to 20/11/2019, in the case filed by the Public Prosecution (referred to it by the Capital Market Authority) against: Jalal Bin Saleh Bin Mansur Alkhumairy. The ACRSD's decision concluded with conviction of the above mentioned individual for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, by carrying out securities business without license when he practiced “dealing” with securities as an agent, by collecting money from several people and depositing it in his bank account, and investing them in the shares of companies listed in the Saudi Exchange through his investment portfolio, and distributing profits to these investors.

The decision included imposing a fine on him amounting (SR. 100,000) one hundred thousand Saudi Riyals against such violation.  

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 this link (click here).