Saudi court orders citizen to return SR55M earned from stock manipulation
A Saudi court sentenced a citizen to return the illegal gains amounted to over SR55 million from the stock market, the Public Prosecution announced on Wednesday.
The Economic Crimes Prosecution charged the citizen with committing stock market activities and practices to manipulate share prices.
Investigations revealed that the citizen had entered purchase orders 43 times to achieve a high closing price.
A criminal case was filed against the citizen. A verdict convicted the citizen of the manipulation felony, and obliged him to return the illegal gains that amounted to over SR55 million.
The citizen was charged with SR2.15 million penalty. The verdict also ruled to prevent the citizen from trading on Tadawul-listed companies shares for his own account or by proxy on behalf of others.
