2 investment firms, investor convicted of violating Capital Market Law
The abovementioned person and entities were convicted of violating Article (31) of the Capital Market Law as well as Article (5) of the Securities Business Regulations.
Bakhreebah practiced securities business, represented in the activity of 'managing", by offering and managing an investment fund, receiving money from clients to invest in such investment fund. This was with the participation of both Elmar Capital and Elmar Finance without obtaining a license from the CMA.
The committee decided to impose a fine of SAR 1 million on Bakhreebah and the two entities each, and imprisoning Bakhreebah for 90 days.
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