SocGen reels from record $7 billion rogue trader fraud
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A "massive fraud" by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale, leaving its credibility in tatters and forcing it to get emergency cash.
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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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The trader at the centre of a massive trading scandal reportedly says Societe Generale must have known of his risk taking.
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FSA warns City on risks The French software developer turned rogue trader who cost French bank SociÃ©tÃ© GÃ©nÃ©rale an estimated â¬4.9bn ($7.2bn) used co-workers' access codes to set up fraudulent transactions.â¦
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The trader behind the near five billion euro (7.15 billion dollars) fraud at French bank giant Societe Generale is called Jerome Kerviel, a source at the bank said Thursday.
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Societe Generale files a legal complaint against the trader accused of fraud which led to huge losses at the bank.
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Societe Generale detailed Sunday how a young trader evaded all its controls to bet some $73 billion -- more than the French bank's market worth -- saying he hacked computers and used other ''fraudulent methods'' to cover his tracks, causing billions of dollars in losses.
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A rogue trader who cost France's Societe Generale bank more than $7 billion by making bad stock market bets was taken into custody on Saturday for questioning, judicial officials said.
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French police on Friday questioned a share broker over links to rogue trader Jerome Kerviel, whose 4.8 billion euro (7.1 billion dollar) losses nearly brought Societe Generale bank to its knees, justice officials said.
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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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â¢ 2008: French bank Societe Generale uncovers an alleged $7.14 billion fraud by a futures trader who fooled investors and overstepped his authority.
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A look at how Societe General's trading scandal unfolded:
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PARIS, Jan. 24 -- A "30-something" futures trader who worked on his bank's security systems and then allegedly used his skills to bypass those safeguards was accused Thursday of perpetrating one of the largest banking frauds in history.
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Police on Saturday questioned the young trader blamed for a massive fraud that cost France's Societe Generale bank more than $7 billion, as the country's president accused global financial institutions of having "gone haywire" and urged common sense.
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The SociÃ©tÃ© GÃ©nÃ©rale worker who cost the French bank $7 billion in bad trades told investigators that all he wanted was to be respected, and to earn a big bonus.
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Could Societe Generale's $7.2 billion loss at the hands of a rogue employee have been prevented?
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French bank Societe Generale has admitted  that a gap in control systems allowed a junior trader to take a  $73 billion losing bet on European share prices, but defended  its handling of the world's biggest trading scandal.