The Saudi Capital Markets Authority announced at the weekend that it has imposed a 169 million riyal ($45 million) fine on three stock traders for market manipulation activity uncovered last October.
Although the details of the manipulation were not made public, the CMA accused the three men of deliberately providing investors with privileged information.
According to reports, one of the traders was fined 146.6 million riyals, whilst the other two participants in the fraud faced fines of 17.1 million riyals and 5.3 million riyals.
Speaking to Reuters with regard to the record combined penalty, a CMA spokesman explained that:
"It's more serious than previous cases, which were insider trading."
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