The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Committee for Resolution of Securities Disputes' (CRSD) final decision No. (2951/L/D1/2020) of 1442 H., dated 11/02/1442 H., corresponding to 28/09/2020 G., in the case filed by the Public Prosecution (referred to by the Capital Market Authority (CMA) against: Nawaf bin Muhammed bin Naser Alshareef.

The decision concluded with the conviction of 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 conducting a securities business practice represented in “Managing" without obtaining a license from the CMA. The violator had established a real estate investment fund in return for financial fees transferred or deposited in a bank account belonging to an institution owned by the convicted person (Muhammed Al-shareef Group for Investment and Real Estate Development), also advertising for such activity on the website via (https://nwaf-group.com) and through social media “Twitter" as well as telemarketing for the purpose of subscribing to such fund.

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 (31) of the Capital Market Law, and for the violation of 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 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).