Economic Crimes Prosecution charged a citizen for committing stock market manipulation activities, according to an official source in the Public Prosecution.
Investigations revealed that the citizen entered purchase orders 43 times to achieve a high closing auction price.
State-owned Saudi Press Agency reported that a criminal case was filed against a citizen and convicted for stock price manipulation.
The verdict ordered the citizen to return illegal gains of over SAR 55 million and was also issued a penalty of SAR 2.15 million.
The judgement barred the citizen from trading in shares of Tadawul-listed companies through his account or by proxy.
The source stressed that legal protection of the stock market is a top priority, indicating that any practice leading to trading manipulation will be subject to criminal accountability.
He added that public prosecution will continue to protect the Kingdom’s economy and penalize those who harm the economy.
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