The Committee for Resolution of Securities Disputes (CRSD) announces the issuance of its decision No. (933/L/D1/2011 G. for 1433 H.), dated 18/1/1433 H., corresponding to 13/12/2011 G., in the lawsuit of practicing businesses of securities through the provision of recommendations on the Saudi Exchange sent through SMS messages to mobile phones of subscribers for registration fees, without obtaining formal license for such an activity, as well as advertising such practice via two websites under the name "Share Trading Market" on the link (http://www.soqtdawl.com) and (http://www.soqtadawl.com). CRSD decision ruling included the following:
First: Ruling in absentia after proving that the first accused person (Bandar bin Mesh'al bin Hawass Alotaibi), holding national identification number (1038263917) had violated Article (31) of the Capital Market Law, as well as Articles (5) and (17) from the Securities Business Regulations, hence the following penalties shall be imposed:
1. Obliging him to pay back the gains he achieved as a result of these violations to the account of CMA, which amounts to (SR. 93,100) ninety three thousand one hundred Saudi Riyals.
2. Imposing a fine on him amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (5) of the Securities Business Regulations.
3. Imposing a fine on him amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (17) of the Securities Business Regulations.
4. Prohibiting him from practicing brokerage businesses, portfolio management and working as an investment adviser for three years.
Second: Ruling in absentia after proving that the second accused person (Turki bin Mesh'al bin Hawass Alotaibi) holding national identification number (1073419960) had violated Article (31) of the Capital Market Law, as well as Articles (5) and (17) of the Securities Business Regulations, hence the following penalties shall be imposed:
1. Obliging him to pay back the gains he achieved as a result of these violations to the account of CMA, which amounts to (SR 141.700) one hundred forty one thousand seven hundred Saudi Riyals.
2. Imposing a fine on him amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (5) of the Securities Business Regulations.
3. Imposing a fine on him amounting to (SR. 100,000) one hundred thousand Saudi Riyals for violating Article (17) of the Securities Business Regulations.
4. Prohibiting him from practicing brokerage businesses, portfolio management and working as an investment adviser for three years.
Third: Lift the seizure on the accounts of the accused persons imposed vide the provisional decision of CRSD No. (843/L/D1/2010 G. for the year 1432 H.) dated 22/4/1432 H., after this decision becomes final and the ruled amounts thereof are collected.
Since it was not possible to locate the addresses of these persons, it was decided to notify them on this decision which was issued against them by publishing such a decision in the Official Gazette. These persons may object to the decision within thirty days from the date of publication of this Announcement. If no objection during this period was filed, the decision shall become final.
