Home » Details of defamation of the names of 10 fraudsters for their manipulation while trading on the shares of a number of companies .. and the disclosure of their penalties

Details of defamation of the names of 10 fraudsters for their manipulation while trading on the shares of a number of companies .. and the disclosure of their penalties

by archyde

Al-Marsad Newspaper: The General Secretariat of the Committees for the Resolution of Securities Disputes announced the issuance of the final decision of the Appeal Committee in Securities Disputes in the general criminal case filed by the Public Prosecution (and referred to it by the Capital Market Authority) against 10 violators.

The text of the decision resulted in convicting the aforementioned of violating Article 49 of the Capital Market Law and Article Two of the Market Conduct Regulations, while they were trading on the shares of the following companies: Food Development Business Company, Bank Albilad, Takween Advanced Industries, Nama Chemicals Company, Saudi Group Industrial Investment, Al Kathiri Holding Company, Tabuk Cement Company, Al Andalus Real Estate Company, National Agricultural Development Company, Cooperative Insurance Company, Bupa Arabia for Cooperative Insurance Company, Alinma Tokio Marine Company, during the period from 07/05/2020 AD to 10/5/2020 AD These behaviors and practices constituted manipulation and fraud, and created a misleading and incorrect impression regarding the securities of the companies referred to above, due to the fact that during their trading on their investment portfolios and the investment portfolio of an investor managed by the convict Ahmed Abdul Razzaq Dawood bin Daoud, they entered purchase orders with the aim of influencing The stock price, then selling, and entering buy orders with the aim of achieving a high closing auction price, then selling.

The decision included the imposition of a number of penalties on them; According to the following detail:

First: Ahmed Essam Ahmed His intention:

Imposing a fine on him of (150,000) one hundred and fifty thousand riyals.

Obligating him to pay an amount of (53/186,725) one hundred and eighty-six thousand seven hundred and twenty-five riyals, and fifty-three halalas, to the account of the Capital Market Authority, in return for the illegal gains made on his two investment portfolios.

Second: Walid Abdul Razzaq Dawood bin Dawood:

Imposing a fine on him of (30,000) thirty thousand riyals.

Obligating him to pay an amount of (485,393/32) four hundred and eighty-five thousand three hundred and ninety-three riyals and thirty-two halalas, to the account of the Capital Market Authority, in return for the illegal gains made on his investment portfolio.

Third: Hatem Mahmoud Abdelali Al-Tayari:

Imposing a fine on him amounting to (190,000) one hundred and ninety thousand riyals.

Obligating him to pay an amount of (820,549/75) eight hundred twenty thousand five hundred forty-nine riyals and seventy-five halalas, to the account of the Capital Market Authority, in return for the illegal gains made on his two investment portfolios.

Fourth: Muayad Muhammad Khair Mazhar Al-Tahhan:

Imposing a fine on him of (40,000) forty thousand riyals.

Obligating him to pay an amount of (462,428/80) four hundred and sixty-two thousand four hundred and twenty-eight riyals, to the account of the Capital Market Authority, in return for the illegal gains made on his two investment portfolios.

Fifth: Thamer Mahmoud Abdelali Al-Tayari:

Imposing a fine on him of (120,000) one hundred and twenty thousand riyals.

Obligating him to pay an amount of (463,736/17) four hundred and sixty-three thousand seven hundred and thirty-six riyals and seventeen halalas, to the account of the Capital Market Authority, in return for the illegal gains made on his investment portfolio.

Sixth: Ahmed Abdul Razzaq Dawood bin Dawood:

Imposing a fine on him in the amount of (180,000) one hundred and eighty thousand riyals.

Obligating him to pay an amount of (1,915,653/48) one million nine hundred and fifteen thousand six hundred fifty-three riyals and forty-eight halalas, to the account of the Capital Market Authority, in return for the illegal gains made on his two investment portfolios.

Banning him from working in entities subject to the supervision of the Capital Market Authority for a period of six months.

Seventh: Faisal Hosni Ahmed Jamal:

Imposing a fine on him of (130,000) one hundred and thirty thousand riyals.

Obliging him to pay an amount of (227,768/01) two hundred and twenty-seven thousand seven hundred and sixty-eight riyals and one halala, to the account of the Capital Market Authority, in return for the illegal gains made on his investment portfolio.

Eighth: Abd al-Rahman Abd al-Ali Abd al-Karim al-Tayari:

Imposing a fine on him of (110,000) one hundred and ten thousand riyals.

Obligating him to pay an amount of (529,225/17) five hundred and twenty-nine thousand two hundred twenty-five riyals and seventeen halalas, to the account of the Capital Market Authority, in return for the illegal gains made on his investment portfolio.

Ninth: Akram Hosni Ahmed Jamal:

Imposing a fine on him of (140,000) one hundred and forty thousand riyals.

Obligating him to pay an amount of (301,501/59) three hundred and one thousand five hundred and one riyals and fifty-nine halalas, to the account of the Capital Market Authority, in return for the illegal gains made on his investment portfolio.

Tenth: Ahmed Hosni Ahmed Jamal:

Imposing a fine on him of (30,000) thirty thousand riyals.

Obligating him to pay an amount of (108,094/80) one hundred and eight thousand and ninety-four riyals, to the account of the Capital Market Authority, in return for the illegal gains made on his investment portfolio.

The decision also included obligating an investor to pay an amount of (1,310,363/30) one million three hundred and ten thousand three hundred sixty-three riyals and thirty halalas to the Authority’s account, in return for the illegal gains made on his investment portfolio, resulting from the violating transactions committed by the convict Ahmed Abdul Razzaq Dawood bin Daoud.

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