The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (2015/L.S/2020) of 1442 H., dated 03/02/1442 H., corresponding to 20/09/2020 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Muhammad bin Methker bin Za'ed Alotaibi.

The decision concluded with upholding the decision of CRSD by convicting 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, for carrying out two securities business practices represented in “Managing and Advising" in the Saudi Stock Exchange, without obtaining a license from the CMA. This violation occurred during the period from 10/09/2016 G. until 23/10/2017 G. Such acts were carried out using two Twitter accounts with the handle names; (boorsaa_m) and (boorsaa) under the names of (Abu Faisal & shares). Through such accounts, the abovementioned individual offered his services in return for various financial fees transferred or deposited in his two bank accounts.

The decision included the imposition of a number of sanctions upon him according to the following:

1. Imposing a fine upon him amounting to (SR. 50,000) fifty thousand Saudi Riyals for violating Article (31) of the Capital Market Law, and for the violation of Article (5) of the Securities Business Regulations.
2. Imposing a fine upon him amounting to (SR. 50,000) fifty 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 these violations 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 CMA on this regard, via the following link (Link for submitting the complaint)