The General Secretariat of the Committees for Resolution of Securities Disputes (GS-CRSD) announces the issuance of the Appeal Committee for Resolution of Securities Disputes' (ACRSD) final decision No. (4016/L.S/2025) of 1447 H., dated 26/05/1447 H., corresponding to 17/11/2025, on the public penal case filed by the Public Prosecution (referred to it by the Capital Market Authority (CMA)) against: Fahad bin Muhammad bin Saleh Alnafissah.
The decision concluded with the conviction of the abovementioned person of violating Article (31) of the Capital Market Law as well as Article (5) and Article (17) of the Securities Business Regulations, for practicing a securities business, represented in the activity of “Advisory" through the social media App “Telegram" in exchange for receiving amounts of money, during the period between 26/10/2023 and 30/07/2024, and advertising through the account (@fah_oxo) on the social media platform (X), without obtaining a license from the CMA.
The decision included the imposition of the following sanctions upon him according to the following:
- Imposing a fine upon him amounting to (SR. 125,000) one hundred and twenty-five thousand Saudi Riyals for violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations.
- Imposing a fine upon him amounting to (SR. 125,000) one hundred and twenty-five thousand Saudi Riyals for violating Article (17) 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 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 Link).