SocGen says hit by $7.1 billion fraud
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French bank Societe Generale said fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss and that it would seek emergency funds as a result, shocking battered markets.
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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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Investigators were expected to question the trader in connection with a $7.2 billion loss at SociÃ©tÃ© GÃ©nÃ©rale.
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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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French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said.
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French bank Societe Generale defended its handling of the world's biggest trading scandal on Sunday, but admitted its risk systems had failed to detect a 50-billion-euro ($73.3 billion) market bet by a lone trader.
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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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Could Societe Generale's $7.2 billion loss at the hands of a rogue employee have been prevented?
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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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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 (SocGen) , hit by massive losses it blamed on rogue trades, braced for fresh criticism on Tuesday after a government report highlighted major failings in its risk controls.
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Jean-Marie Messier, the former chief of Vivendi Universal SA who is under investigation for alleged fraud and stock manipulation, was fined 1 million euros ($1.3 million) by French regulator Autoritee des Marches Financiers.
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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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Societe Generale unveils an employee's $7.2 billion fraud, and a $3 billion subprime write-down.
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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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France's financial market regulator said Tuesday that it has opened an investigation into French bank Societe Generale, which announced last week that the actions of a rogue trader caused it nearly euro5 billion (US$7 billion) in losses.