Goldman Sachs may face $1.76 mn fine for naked short selling
Jin Young-tae and Choi Mira, 10 October 2018
The U.S. investment banking giant Goldman Sachs could face a fine of up to 2 billion won ($1.76 million) by the South Korean financial authorities for conducting more than 100 naked short selling transactions banned by the Korean law.
This would be the biggest fine to be slapped for a financial institution in short-sale transactions in the country.
According to sources from the investment banking industry on Tuesday, the financial authority decided to impose a 2 billion won fine on Goldman Sachs for illegally shorting more than 100 local stocks on May 30, and will submit its finding to the top decision-making Securities & Futures Commission of the Financial Services Commission (FSC) within this week. Continue reading “Article: Goldman Sachs may face $1.76 mn fine for naked short selling”
