​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. (2075/L.S/2020) of 1442 H., dated 16/04/1442 H., corresponding to 01/12/2020 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA)) against: Mnahi bin Shbab bin Dgabash Albogami.

The decision concluded with the conviction of the abovementioned individual for violating Article (31) of the Capital Market Law, as well as Article (5) of the Securities Business Regulations, for carrying out securities business represented in “Managing", by receiving financial amounts into his bank account, for the purpose of investing in derivatives contracts related to Forex activity through his investment portfolio in ADS Securities-LLC without obtaining a license from Capital Market Authority.

The decision included the imposition of a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.

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 CMA on this regard, via the following  link (File Complaint Link).