Reported 3 days ago
South Korea has fined Barclays Plc and Citigroup Inc. for engaging in naked short selling, totaling 13.7 billion won ($9.5 million) and 4.7 billion won ($3.2 million), respectively. The fines, imposed by the Securities and Futures Commission, were significantly lower than initially proposed due to a determination that the banks' violations were unintentional. Naked short selling, which is illegal in South Korea, involves selling shares without borrowing them first. The country has increased its efforts to combat such trading practices since instituting a ban last year.
Source: YAHOO