Article: Goldman Sachs affiliate again faces fine for naked short selling

Article - Media, Publications

Goldman Sachs affiliate again faces fine for naked short selling

Bae Hyunjung, 09 April 2019

South Korea’s financial authority has fined a Goldman Sachs affiliate 72 million won ($63,000) for naked short selling, marking the third case of the US-based investment bank facing sanctions here.

The Securities and Futures Commission of the Financial Services Commission judged earlier this year that Singapore-based Goldman Sachs India Investments conducted short selling without securing underlying assets, officials said Monday.

Naked short selling refers to the sale of borrowed shares in order to profit by buying them back at a lower price, but without actually borrowing the stocks first. Unlike short selling, naked short selling has been prohibited in Korea since 2008. Continue reading “Article: Goldman Sachs affiliate again faces fine for naked short selling”

Article: Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea

Article - Media, Publications

Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea

Yoon Young-sil, 29 November 2018

South Korea’s financial authorities have imposed the biggest ever fine on Goldman Sachs Group for its naked short selling activities.

The Securities & Futures Commission (SFC), an investigative body of the Financial Services Commission (FSC), decided on Nov. 28 to impose a 7.5 billion won ($6.65 million) in fine on Goldman Sachs Group’s subsidiary Goldman Sachs International for violating the short selling rules. Continue reading “Article: Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea”