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RIYADH: Saudi Arabia’s Capital Market Authority has referred several individuals to the Public Prosecution for their alleged involvement in insider trading.
The action against the individuals was taken following monitoring of a social media group of 250 members, Argaam reported citing a CMA statement. The group members, according to the authority, were found to be sharing internal information about several listed companies.
Some of the group members were employed with the companies they leaked information about, while the group admin reportedly managed several investment portfolios illegally and used social media to manipulate prices.