SocGen reels from record $7 bln rogue trader fraud
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A junior computer whiz at French bank Societe Generale was accused of racking up a $7 billion loss in bad bets on stocks in the biggest trading scandal in banking history.
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Societe Generale said Sunday that a rogue trader suspected of incurring massive losses at the French bank held positions worth about 50 billion euros (73 billion dollars) when he was uncovered.
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French bank Societe Generale said Thursday it has uncovered a 4.9 billion euro ($7.14 billion) fraud Â one of history's biggest Â by a single futures trader whose scheme of fictitious transactions was discovered as stock markets began to stumble in recent days.
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French bank Societe Generale loses billions of dollars through fraud by one of its Paris-based traders.
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French trader accused of the biggest fraud in banking history facing another day of police questioning
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Societe Generale unveils an employee's $7.2 billion fraud, and a $3 billion subprime write-down.
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Will the SEC get in on the act? SociÃ©tÃ© GÃ©nÃ©rale may face a US inquiry on its handling of the rogue trader scandal that cost the company â¬4.9bn ($7.2bn).â¦
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Financial police in Paris were to question a trader who caused a $7.2 billion loss at SociÃ©tÃ© GÃ©nÃ©rale, officials said.
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Developer turned gambler drops French bank in $7.2bn hole The apparent ease with which a former software developer turned rogue trader was able to sink France's second-biggest bank into a â¬4.9bn ($7.2bn) hole has sparked questions about the effectiveness of risk analysis systems.â¦
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France has always had a soft spot for the lawbreaker. Now JÃ©rÃ´me Kerviel, the trader who cost SociÃ©tÃ© GÃ©nÃ©rale more than $7 billion, has attracted a fan club of his own.
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French bank says family problems and mental fragility led its rogue trader to squander â¬4.9bn
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Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his bosses and run up a $7 billion loss -- while his family said he had been made a scapegoat.
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Police raided Friday the Paris headquarters of Societe Generale, which is accusing a rogue trader of losing more than 7.0 billion dollars (4.9 billion euros), the French banking giant said.
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Societe Generale faces growing embarrassment after it emerged the French bank was warned last year about the suspect activities of Jerome Kerviel and its key fraud accusation against the 31-year-old trader collapsed.
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US authorities are probing Societe Generale and events linked to the trading problems that cost the bank $7.19bn.
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Societe Generale faces growing  embarrassment after it emerged the French bank was warned last  year about the suspect activities of Jerome Kerviel and its key  fraud accusation against the 31-year-old trader collapsed.
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The trader accused of making fraudulent transactions that cost Societe Generale &#8364;4.9 billion ($7.2 billion) hacked computers and used "several techniques of fraud," the French banking giant says.