The Saudi Capital Market Authority (CMA) has slapped hefty penalties totaling SR45.9 million on five investors for market manipulation and fraudulent practices. The Appeal Committee for Resolution of Securities Disputes (ACRSD) has taken the decisive action against the five investors for engaging in illegal market practices. Fines totaling SR3.5 million have been levied against the investors for violations of the Capital Market Law and its regulations. Additionally, four investors and a local company are ordered to repay SR41.4 million in illicit gains obtained through their investment portfolios. The culprits manipulated the market and misled shareholders around the listing of Watani Iron Steel Co., thereby unlawfully inflating their share ownership without proper disclosure. One investor further used WhatsApp to manipulate the company"s share price for personal gain. The convicted include Abdulkarim Alrajhi and family, who were found guilty of not disclosing their increased shareholdings in Watani Iron Steel Co. Riyadh bin Sulaiman bin Omar Alkhorashi was convicted of using social media to influence share prices and profit from these manipulative activities. In response to these breaches, a comprehensive penalty including monetary fines and mandatory repayments of illegal gains was imposed. The CMA reaffirms its commitment to maintaining a secure and transparent investment environment, emphasizing severe repercussions for those engaging in fraudulent or manipulative activities in the capital market.