Fines Imposed By HCMC On Investors for Naked Short Selling

The Hellenic Capital Market Commission (HCMC) said in an announcement this week that it imposed approximately 1.6 million euros worth of fines on foreign investors for naked short selling. The fines concern the period April and May of 2014, when the systemic bank capital increase were reported to have occurred. One thing is certain, they are probably just a drop in the bucket to other periods when short-selling once again occurred (Specifically during George Papandreou's reign in power).

According to Greek press reports some of the companies that were fined include:

• Burlington Global Capital Investments was fined 460,000 euros for the naked short selling of National Bank stock
• MCI Services Ltd was fined 400,000 euros for the naked short selling of National Bank stock
• Quantum Partners L.P. was fined 65,000 euros for the naked short selling of National Bank stock
• Aptus Global Financials Fund was fined 80,000 euros for the naked short selling of Eurobank stock
• GFS Map Trust Macrosynergy was fined 10,000 euros for the naked short selling of Alpha Bank stock
• J.P. Morgan Securities PLC was fined 10,000 euros for the naked short selling of Alpha Bank stock