The “Securities” refers 12 cases of fraud and embezzlement to the security authorities

The Securities and Commodities Authority revealed that, within its supervisory role, it recently referred 12 violations related to individuals and companies to the Public Prosecution and the competent security authorities, some of which related to falsifying documents, others due to a deficit in balances, or influencing stocks by engaging in financial consulting and analysis without a license.

In its disclosure, the commission confirmed that it had transferred all violations to the security authorities to take legal measures against violators.

She explained that she had caught a violation that was forging a company, a copy of an official editor (certificate of registration of a company in the commercial registry), and submitting the forged editor to a financial market in the country.

She added that she also found a deficit in the balances of the accounts of clients of a licensed company, closing its headquarters without notifying the commission and not responding to its correspondence.

It stated that among the violations is establishing a person for a website, allowing people to engage in the activity of financial consulting and analysis through it, and publishing their opinions and analyzes of the shares without obtaining a license from the authority, which constituted a violation of the authority’s board of directors decision No. (48 / r) of 2008 On financial advice and financial analysis.

The commission also revealed that five natural and legal persons engaged in the activity of financial consulting and financial analysis without obtaining a license from the authority, in accordance with the conditions and requirements stipulated in this regard.

She pointed out that four unlicensed companies engage in activities without a license, as they engaged in commodity and brokerage activity in securities, without obtaining a license from the authority, in violation of the authority’s law and the regulations issued pursuant thereto.

The Authority has discovered a deficit in the balances of the accounts of clients of a licensed company.