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)