Samsung Securities' $105 Billion Fat-Finger Portion Mistake Triggers Urgent Regulator Inquiry

What's that boss? There's an extra $52 1000000 inward my account? Don't sell it? Thanks boss.

From IEEE Spectrum:

Mistake sparks world appal at Samsung as well as securities industry

Last week, an employee of Samsung Securities Co., Samsung Group’s stock-trading entity as well as i of the largest trading companies inward South Korea, accidentally issued shares worth about $105 billion to 2,018 of its employees who are members of its stock-owner program. The employees inward the plan were supposed to have a dividend totaling ii billion won (or nearly $0.93 per part they owned), only were mistakenly issued ii billion shares instead. The amount issued was to a greater extent than than thirty times the full number of outstanding Samsung Securities’ shares.

Embarrassingly, Samsung Securities admitted that it took 37 minutes to create what had occurred after it became aware of the problem. Even to a greater extent than humiliating, 16 Samsung Security employees were able to all the same sell off about five 1000000 shares of their payout, despite repeatedly existence warned non to create then past times their managers. Perhaps the warnings were ignored because they were able to brand nearly 10 billion won ($9.3 million) each. Four other employees tried to sell their shares, but their trades were stopped earlier existence completed....MORE

The error is non the largest. IEEE Spectrum itself  points to the $600 billion+ Japanese fat-finger inward 2014 past times an as-far-as-I-know-still-unidentified firm. However, for straight-up absurdity the 2005 merchandise past times Mizhuo where the trader non exclusively shorted to a greater extent than than the floating supply, which itself is i of the large no-no's they learn you lot at junior-trader school, he managed to larn off $2.9 billion on a $90 1000000 marketplace position cap i.e. 32 times the value of the entire issued as well as outstanding!
(one contemporaneous concern human relationship said 41x only their math is suspect)

And to provide an illustration of the truth of Uncle Dan'l Drew's aphorism during the Erie Wars:

 “He who sells what isn't his'n, must purchase it dorsum or become to pris'n.”

 Mizhuo bought the merchandise dorsum at a $225 1000000 loss when the central would non contrary the master sell order.

The Japanese courts later on said the central was 70% at fault for non cancelling the merchandise only exclusively had to pay Mizhuo 25% of the loss.

So kids, as well as I can't stress this enough, create non curt multiples of the issued as well as outstanding.
And I intend the actually large fat-finger was also Mizhuo though in all likelihood non the same guy.