Fraud Costs French Bank $7.1 Billion
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SociÃ©tÃ© GÃ©nÃ©rale said that the fraud had been committed by a trader in charge of hedging on European index futures.
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Fraud is costing the UK at least Â£20bn a year, or Â£330 for each person in the UK, a police study warns.
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Financial police in Paris were to question a trader who cost Franceâs SociÃ©tÃ© GÃ©nÃ©rale more than $7 billion, judicial officials said.
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PARIS, Jan. 27 -- French bank Societe Generale said Sunday that the junior trader accused of perpetrating one of the largest banking scandals in history stole computer access codes and created fraudulent e-mails to bet more than the bank's entire market worth on risky investments.
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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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The French media giant and its former chief executive Jean-Marie Messier are each fined 1m euros for misleading the public and investors.
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Police have taken into custody the trader blamed for a $7 billion fraud at French bank Societe Generale, a judicial source said on Saturday.
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The French bank hit by eleven-figure losses thanks to a rogue employee probably wasn't harmed by poor IT systems, but by poor management of those systems, according to analysts.
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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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French bank Societe Generale says it has uncovered a huge fraud by a Paris-based trader, who has been suspended.
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The rogue futures trader who allegedly cost French bank Societe Generale $7.14 billion had been betting on an even larger scale Â with tens of billions in fraudulent deals, the bank said Friday.
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French police searched the apartment of the Societe Generale dealer blamed for running up a $7 billion loss on Friday, but his family said he was a scapegoat for the world's worst rogue trading scandal.
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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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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 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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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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PARIS, Jan. 29 -- The 31-year-old trader accused of causing $7.1 billion in losses at France's Societe Generale bank told police investigators that his financial deals were so big that his bosses had to know about them, according to transcripts published Tuesday on two French Web sites.