Societe Generale uncovers massive fraud
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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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"There's still a feeling of total incomprehension"  Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his supervisors and run up a $7 billion loss. via Earth Times
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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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SociÃ©tÃ© GÃ©nÃ©rale said that a trader had misappropriated computer access codes, falsified documents and employed other methods to cover his tracks.
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The French finance ministry has launched &quot;an investigative procedure&quot; to probe value-added-tax (VAT) fraud between European Union countries that could involve billions of euros annually.
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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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Societe Generale has uncovered a fraud by one of its traders which will have a 4.9-billion-euro ($7.16 billion) negative impact on the group, France's second-largest listed bank said on Thursday.
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Societe Generale Chairman Daniel Bouton told a newspaper the French bank would overcome its "shock" at having discovered an alleged $7 billion euro (10.3 billion pound) internal fraud.
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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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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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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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SociÃ©tÃ© GÃ©nÃ©rale said that a trader stole computer codes, falsified documents and employed other methods to cover his tracks.
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New questions emerged about when JÃ©rÃ´me Kervielâs superiors at SociÃ©tÃ© GÃ©nÃ©rale became aware of the scale of his unauthorized trades.
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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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Employee shareholders at Societe Generale said Wednesday they had started legal action following a multi-billion-euro rogue trader scandal at the French bank.
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French bank Societe Generale   disclosed one of the biggest alleged frauds in financaal  history on Thursday, adding to a wave of gloom surrounding  world markets battered by credit market 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 had been gambling on a much larger scale, officials said Â tens of billions of dollars of the bank's money.