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. (3561/L.S/2024) of 1446 H., dated 25/05/1446 H., corresponding to 27/11/2024, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Muhammad bin Mahdi bin Saleh Aldraibi Alzahrani.

The decision concluded with the conviction of the abovementioned person of violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations, for practicing securities business, represented in the activity of “Advising", without obtaining a license from the CMA, by providing recommendations relating to listed shares in the USA exchanges through the social media application (WhatsApp) during the period between 03/11/2021 till 30/03/2022.

The decision included the imposition of a fine amounting to (SR 200,000) two hundred 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 (as individual or class action) with the CRSD to request the rescission of the agreement or contract and the recovery of any money or other property paid or transferred 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).

However, the GS-CRSD will announce to the public on its website in case of registering any class action in order to enable the rest of investors who concluded an agreement or contract with the convicted person to apply to the CRSD to join the class action. ​

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