A number of stock market investors have accused brokerage company Pioneers Securities of manipulating their accounts, leading to losses in their investments while the firm itself accumulated profits.

Four investors filed a complaint with the general-prosecutor accusing the company of "creating false accounts using their names and the cash in their portfolio to trade for the benefit of the company".

Pioneer Securities' general manager, Waleed Zaki, and two board members - Yasser Zaki and Taha El-Telbani - are accused of "stealing" some LE8.5 million.

The complaint indicates that the Egyptian financial watchdog inspected transactions and was able to prove manipulation in the clients' accounts.

Last week Pioneers issued a statement announcing that the company was pleading innocent to some accusations, while the rest are being currently held in court.

The investors claim that court rulings pronounced last year were not executed by board members because of their ties with "a number of officials in the previous regime".

The primary court gave a one year sentence and a LE10 million fine to nine executives and clients in the company.

Waleed And Yasser Zaki and Taha El-Telbani together own a 38 per cent stake in Pioneers Holding Company, which owns Pioneers brokerage.