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Thread: Soros Fined By Hong Kong Over Naked Short Sales

  1. #1

    Soros Fined By Hong Kong Over Naked Short Sales

    Soros Fund Management, the Hungarian billionaires' $25 billion family office, was fined $200,000 by a securities regulator in Hong Kong over its aggressive 'naked shorting' of a locally listed company.

    The trade in question occurred in 2015, when the firm shorted a bonus share issue of Great Wall Motor according to Bloomberg, which cited a filing by the SEC. Soros' firm was fined by Hong Kong's Securities Futures Commission.
    "The SFC considers that SFM not only failed to act with due skill, care and diligence in dealing in the bonus shares, but also failed to diligently supervise its staff members and implement adequate and effective systems and controls to ensure compliance with the short selling requirements," it said.
    After "erroneously" accounting for 1.6 million bonus shares to which Soros was entitled, the firm sold its entire 2.4 million share position in GWM short. However, the company hadn't loaded the shares onto its books yet, so the 1.6 million share 'short' position was effectively a naked short.

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    Imagine that. Someone enforcing a law against fraud. So rare that it makes news.
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