Saudi: Authorities Arrest 17 People Over Stock Price Manipulation
The Capital Market Authority (CMA) has announced that it had referred 17 people to the Public Prosecution for violating the Capital Market Law. One of the suspects was accused of two investment portfolios for investors in the Saudi Stock Exchange without obtaining a license from CMA.
CMA clarified that another suspect allegedly participated with others in practices that involve manipulation and misinformation through inserting purchase orders with the aim of affecting the share prices of a number of companies listed in the market.
The authority has confirmed its keenness in enforcing the Capital Market Law and its executive regulations and protecting the market against illegal practices.
CMA has called on investors and dealers to limit their dealings in securities to Capital Market institutions licensed by the Authority and not to deal with unlicensed persons. The General Secretariat of Committees for Resolution of Securities Disputes will reveal the suspects’ identities after their trial and conviction.
