Bank Outlines How Trader Hid His Activities
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SociÃ©tÃ© GÃ©nÃ©rale said a junior trader who racked up more than $7 billion in losses misused computer access codes and falsified documents.
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In what appears to be the largest trading fraud ever carried out by a single person, a young trader at French bank Societe Generale is accused of making unauthorized bets on stock markets that cost the bank nearly $7.2 billion but may not have netted him a cent.
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French bank Societe Generale has lost $10bn, the bulk of which was lost through fraud by a trader.
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Societe Generale said Sunday that a trader who evaded all its controls to bet $73.5 billion Â more than the French bank's market worth Â on European markets hacked computers and "combined several fraudulent methods" to cover his tracks, causing billions in losses.
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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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The trader blamed for a $7 billion fraud at French bank Societe Generale is not on the run and will be questioned at an appropriate moment, the Paris prosecutors' office said on Saturday.
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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.
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Societe Generale said Thursday that a single trader was responsible for a massive 4.9 billion euro (7.15 billion dollar) fraud at the French banking giant.
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French police had a second trader in custody Friday in their probe of trades that led to massive losses at bank Societe Generale, the newspaper Le Monde reported.
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It is easy to dismiss JÃ©rÃ´me Kerviel, the rogue trader at SociÃ©tÃ© GÃ©nÃ©rale, as a fluke. So here is a sobering thought for Wall Street: There may be a bit of Mr. Kerviel in all of us.
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A junior dealer detained over the biggest fraud in banking history is helping investigators, police said on Sunday, as his employer revealed that he had bet 50 billion euros ($73.3 billion) of its money on illicit trades.
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French police questioned a junior trader on Saturday blamed for causing a $7 billion loss at bank Societe Generale after keeping his superiors in the dark for months about thousands of illicit deals.
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Investigators were expected to question the trader in connection with a massive fraud at SociÃ©tÃ© GÃ©nÃ©rale.
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A former trader at the New York Stock   Exchange was found not guilty on Monday of securities fraud for   his role in a scheme that prosecutors said cheated the Big   Board's customers.
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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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A banker in Pakistan is charged with insider trading in the US involving information about the sale of energy firm TXU Corp.
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French bank Societe Generale loses billions of dollars through fraud by one of its Paris-based traders.