July 27, 2018 / 10:41 AM / a year ago

Samsung Securities CEO resigns after $105 billion stock blunder -BBG

July 27 (Reuters) - Samsung Securities Co Chief Executive Officer Koo Sung-hoon resigned after the company was punished by South Korea’s financial regulator because an employee’s error sparked a $105 billion “ghost stock” blunder, Bloomberg reported on Friday.

Koo Sung-hoon's resignation was disclosed in a regulatory filing Friday and the company, one of South Korea's largest stock brokers, was fined 144 million won, Bloomberg reported. (bloom.bg/2LQlqMU)

Its stock brokerage business was barred from taking new clients for six months, Bloomberg said.

Samsung Securities in April accidentally issued 2.8 billion shares to employees - more than 30 times the number of its outstanding shares and theoretically worth some $100 billion - some of which were quickly sold off by workers.

The company was not immediately reachable for comments. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Shailesh Kuber)

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