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. (2117/L.S/2021) of 1442 H., dated 06/06/1442 H., corresponding to 19/01/2021 G, in the case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Faisal bin Musa'ad bin Abdulaziz Aldo'aij.
The decision concluded with the conviction of the abovementioned individual for violating Article (49) of the Capital Market Law, as well as Article (2) of the Market Conduct Regulations, when trading the shares of Abdullah A. M. Al-Khodari Sons Company during the period between 14/10/2014 G and 19/10/2014 G. Such acts and practices constituted manipulation and fraud, and created a false and misleading impression regarding the security of the abovementioned company.
The decision included the imposition of a number of sanctions upon him according to the following:
- Imposing a fine upon him amounting to (SR. 30,000) thirty thousand Saudi Riyals.
- Banning him from trading by purchasing shares of companies listed on the Exchange for his own account or as agent of others for a period of one year, excluding trading through investment funds with Authorised Persons.
The decision also included obliging an investor to pay to the CMA account an amount of (SR. 1,087,236.56) one million eighty-seven thousand two hundred thirty-six Saudi Riyals and fifty-six Halalas, against the illegal gains achieved in his investment portfolio as a result of trading violations committed by the convicted person: Faisal bin Musa'ad bin Abdulaziz Aldo'aij.
Furthermore, any person affected by these acts is entitled to file a compensation claim with the CRSD, pursuant to Article (57) of the Capital Market Law, provided that such claim is preceded by a complaint filed with the CMA on this regard. To file the complaint: (File Complaint Link)
(To view the dates of trading and the security in relation to the violations, click here)
