Goldman Sachs to be punished

The Punisher

The Punisher.

South Korea’s financial regulator plans to punish Goldman Sachs' local unit and employees for breaking rules on sales of financial products.

Bloomberg reports that the Financial Supervisory Service informed Goldman Sachs of its plans and will determine the penalty after hearing an explanation from the Wall Street firm, Cho Gook Hwan, director-general at the regulator, said by phone Thursday.

The penalty and the number of employees to be sanctioned will be decided later in a committee meeting, Cho said.

Three foreign brokerages have been under investigation as part of a review of derivative sales and other operations for compliance with local rules, the FSS said in September. A month later, it said it completed its investigation of Goldman Sachs. Credit Suisse and Royal Bank of Scotland were also being inspected, MoneyToday reported in September.

To access the complete Bloomberg article hit the link below:

Goldman's South Korea Unit Set to Be Punished by Regulator

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