South Korea's financial regulator has fined Goldman Sachs International.... 6-point-7 million U.S. dollars for violating the country's rules on naked short-selling.
It's the biggest fine that Korea's Financial Services Commission has imposed on an international investment bank.... over naked short selling,.... which occurs when an investor sells stock that has not yet been borrowed.
The commission says.... Goldman Sachs processed short sales worth over 35 million dollars in May.
Naked short-selling is illegal here in South Korea.
The move comes after FSC chairman said last month.... that harsher penalties will be imposed on such trading activities.