South Korea’s financial regulators have fined Samsung Securities Co for its $105 billion ghost stock error.
On Friday, Koo Sung-hoon, Samsung Securities Co’s CEO resigned from his job following the imposition of a 144 million won fine on the company.
South Korea’s financial regulator imposed the fine on Samsung Securities, South Korea’s largest stock broker, due to its employee’s error which sparked a $105 billion “ghost stock” blunder, reported Bloomberg on Friday.
Koo Sung-hoon’s resignation was disclosed in a regulatory filing on Friday.
Samsung Securities Co has been barred from taking any new clients for the next six months, reported Bloomberg.
Earlier this year in April, Samsung Securities had accidentally issued 2.8 billion shares to employees, theoretically worth $100 billion, some of which were quickly sold by its employees.
Samsung Securities Co was not immediately available for comments.