SocGen reveals how it was duped in trading scam
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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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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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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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JÃ©rÃ´me Kerviel told French prosecutors that his fictitious trading started as far back as 2005 â a year earlier than SociÃ©tÃ© GÃ©nÃ©rale has acknowledged.
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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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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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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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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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Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his bosses and run up a $7 billion loss -- while his family said he had been made a scapegoat.
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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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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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French bank Societe Generale faced tough  questions on Friday over how it failed to spot the biggest  rogue dealing fraud in history, in which a single young trader  triggered a $7 billion loss under the noses of top executives.
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French bank Societe Generale ,  at the centre of a huge trading scandal, began investigating  trades executed by junior trader Jerome Kerviel months before  his unauthorized activities were exposed in January, the  Financial Times reported.
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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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Profit-crazed traders, controllers out of their depth and executives who turn a blind eye: a former inspector at Societe Generale paints a damning picture of trading room anarchy at the scandal-hit bank.
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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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Societe Generale files a legal complaint against the trader accused of fraud which led to huge losses at the bank.