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)'s final decision No. (4039/L/D2/2022) of 1444 H., dated 15/03/1444 H., corresponding to 11/10/2022, in the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Yazeed bin Khaled bin Aqla Alenizy.
The in-absentia 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 participating in a securities business work, without obtaining a license from the CMA, represented in “Advising" in the Saudi Exchange, and collecting subscription fees from benefeciaries of the service of recommendations regarding listed companies in the Saudi Exchange provided by the Vision Investment Company, located outside the Kingdom of Saudi Arabia. The collection of subscription fees was done through the bank account of the establishment he owns; being the Arab Modern Holiday for Comercial Services Establishment.
The decision included the imposition of a fine upon him amounting to (SR. 200,000) two hundred thousand Saudi Riyals for violating Article (31) of the Capital Market Law, as well as for violating Article (5) 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 (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 by him/her 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).
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 had entered into an agreement or contract with the convicted person to apply to the CRSD to join the class action.
