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Arrest warrants sought for 4 Samsung Securities officials in dividend error probe

By Yonhap

Published : June 19, 2018 - 13:32

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Prosecutors have filed for arrest warrants for four officials at Samsung Securities Co. for knowingly selling bogus shares that were issued to them by the firm by mistake, a prosecution office said Tuesday.

The four officials face charges of fraudulent trading, committing fraud using digital devices and embezzlement in violation of the Capital Market Act, the Seoul Southern District Prosecutors' Office said.

They will be arraigned for a review of their writs at a district court Wednesday. 


Samsung Securities Co. headquarters in Seocho, southern Seoul. (Yonhap) Samsung Securities Co. headquarters in Seocho, southern Seoul. (Yonhap)

Prosecutors are investigating the stock blunder that happened on April 6, in which an official at the brokerage house by mistake typed in 1,000 shares instead of 1,000 won per share for dividends that were to be paid to employees under a company compensation plan.

As a result it issued 2.8 billion shares that only existed on paper, worth over 110 trillion won ($100 billion). But some of the workers who received the stocks quickly sold them in the market.

Prosecutors raided the head office of the brokerage house late last month.

The Financial Supervisory Service has filed for a complaint against 21 Samsung Securities officials for possible wrongdoing. (Yonhap)

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