CMA convicts 6 violators for fraud, manipulation

Saudi Arabia’s Capital Market Authority (CMA) has convicted six individuals for manipulation and fraud while trading shares of Saudi Indian Company for Cooperative Insurance (Wafa Insurance), the market regulator said in a statement on Thursday.

The defendants were convicted in a lawsuit filed this month by the Public Prosecution, accusing them of violating CMA regulations when trading Wafa Insurance shares during the period from Feb. 16, 2014 until March 17, 2014.

The violators were Bader bin Mohammed bin Saeed Alshahrani, Mohammed bin Saeed bin Abdullah Alshahrani, Saeed bin Ali bin Saeed Alghamdi, Hussain bin Jawad bin Subaih Alenzi, Hassan bin Mohammed bin Rashed Alnuaemi and Abdullatif bin Nasser bin Hamad Alrashed.

The Appeal Committee decision included the imposition of several penalties on the defendants as follows:

1)  Bader bin Mohammed bin Saeed Alshahrani

- Fine of SAR 30,000 imposed

2) Mohammed bin Saeed bin Abdullah Alshahrani

- Fine of SAR 30,000 imposed

- Ordered to pay SAR 831,163.50 for illegal gains in his investment portfolio

3) Saeed bin Ali bin Saeed Alghamdi

- Fine of SAR 30,000 imposed

4) Hussain bin Jawad bin Subaih Alenzi

- Fine of SAR 20,000 imposed

- Ordered to pay SAR 1.26 million for illegal gains in his investment portfolio

5) Hassan bin Mohammed bin Rashed Alnuaemi)

- Fine of SAR 20,000 imposed

- Ordered to pay SAR 736,354  for illegal gains in his investment portfolio

6) Abdullatif bin Nasser bin Hamad Alrashed

- Fine of SAR 10,000 imposed

- Ordered to pay SAR 89,332.25  for illegal gains in his investment portfolio