French bank finds $7.14 billion fraud
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French bank Societe Generale said Thursday it has uncovered a $7.14 billion fraud Â one of history's biggest Â by a single futures trader who fooled investors and overstepped his authority.
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LONDON/PARIS  - Societe Generale's shock disclosure of a fraud that lost it $7 billion has left investors wondering about a link between the fiasco and Monday's European stock market rout.
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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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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 Federal Bureau of Investigation on Tuesday said it is investigating 14 companies for possible fraud or insider trading violations in connection with loans made to risky borrowers, and investments spun off of those loans
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The rogue futures trader who cost French bank Societe Generale $7.14 billion had been betting on a much larger scale  -  with tens of billions in fraudulent deals, the bank said Friday
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The French bank SociÃ©tÃ© GÃ©nÃ©rale said that it had uncovered âan exceptional fraudâ by a trader that would cost it about $7.1 billion.
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PARIS, Feb. 4 -- French Finance Minister Christine Lagarde gave Societe Generale a mild rebuke Monday in a report that largely backs up the bank's account of how it lost $7.1 billion last month in the largest trading scandal in banking history.
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Business & money: Criminal investigation into possible fraud and insider trading involves some of world's largest banks
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French banking giant Societe Generale said Thursday a single trader who fooled his bosses carried out a massive 4.9 billion euro (7.15 billion dollar) fraud -- one of the biggest in financial history.
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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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The French bank said that the fraud had been committed by a trader in charge of hedging on European index futures.
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Reports from France say thieves have stolen two diamonds worth around $14.1m in Paris.
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French bank Societe Generale said Friday that the rogue trader who cost the bank $7.14 billion had been trading with a far bigger pool Â tens of billions of dollars.
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French bank Societe Generale said Thursday that it has uncovered a $7.14 billion fraud which, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital.
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(InfoWorld) - The U.S. Secret Service has cracked down on an international ID theft ring that is responsible for more than $14 million in fraud losses, the agency said Monday. On June 12, French National Police arrested four on online fraud charges, acting on information provided by the Secret Service, the agency said in a statement. The arrests were part of an undercover investigation into the activities of an online criminal known by the alias, "Lord Kaisersose," who is "associated with Internet sites known for identity theft and financial fraud activities," the Secret Service said. Investigators found more than 28,000 stolen credit- and bank-card numbers as a result of this operation, the Secret Service said. "Fraud losses associated with this investigation have exceeded $14 million," the Secret Service said. At the same time the Secret Service, working with local authorities, closed down an illegal credit card-selling activity based out of Canada and France. This action, called Operation Hard Drive, led to the arrest of two suspects, who are allegedly behind more than $1 million in credit card fraud. French police arrested an unnamed man, who went by the alias THEEEEL on credit card-selling Web sites, on charges relating to ID theft. The second man, Nicholas Joehle, of Calgary, Alberta is alleged to have sold fake credit card readers, known as "skimmers" over the Internet. These devices are often illegally used by employees at legitimate businesses that accept credit cards and are becoming a growing problem in the U.S. Calgary Police recovered 100 such skimmers, a skimmer-making lab, and $30,000 in U.S. and Canadian currency, the Secret Service said.
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French bank BNP Paribas, seen as a potential bidder for crisis-hit Societe Generale, reported on Wednesday a record estimated net profit of 7.8 billion euros (11.5 billion dollars) for 2007.