Samsung Securities CEO Resigns After $105 Billion Stock Blunder
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The chief executive of Samsung Securities Co. resigned after the company was punished by South Korea’s financial regulator because an employee’s error sparked a $105 billion “ghost stock” blunder.
Koo Sung-hoon’s resignation was disclosed in a regulatory filing Friday, a day after the Financial Services Commission ordered the firm to suspend Koo for three months. The firm was fined 144 million won ($129,000) and its stock brokerage business was barred from taking new clients for six months.