FSC punishes two securities companies for rule breakingThe country’s financial watchdog punished two securities companies for unfairly arranging financial products.
The Financial Supervisory Service slapped Mirae Asset Daewoo with a 325.2 million won ($305,688) fine for selling stocks based on misleading information and not informing investors of the risks associated with the product. The regulator also imposed disciplinary actions against three employees of Mirae.
The Financial Supervisory Service sent a warning to HMC Investment Securities because the brokerage firm failed to follow rules when processing entrusted asset management.
In a separate case, the regulator found that Hanwha Investment & Securities used a client’s investment to cover losses occurred by an employee’s mistake.
By Park Eun-jee