The Capital Market Authority (CMA) has convicted Swiss International Marketing Company and Swissfs for contravening securities regulations, as per an announcement. The companies were found guilty of violating Article (31) of the Capital Market Law and Articles (5) and (17) of the Securities Business Regulations by conducting unauthorized securities activities between July 1, 2021, and December 29, 2021. These practices were promoted on LinkedIn, leading to penalties of $560,000 each.
The CMA worked in coordination with the Public Prosecution and security authorities to formulate the public penal case against these firms. The regulator uses advanced technical means to identify financial market manipulators in an effort to ensure a safe investment environment, uphold exchange market efficiency, and maintain investor confidence.
On Wednesday, the Administrative Committee for Resolution of Securities Disputes (ACRSD) had also announced the conviction of these firms for unlicensed securities dealings and money transfers, resulting in an identical fine. The CMA emphasized that clients who had contracted with these firms have the option to pursue contract rescission and property recovery through the CRSD after registering a complaint with the CMA itself.
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