SocGen reels from record $7 bln rogue trader fraud
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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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The French financial trader at the centre of a massive fraud case gambled around 50bn euros, his employer says.
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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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French investigators have stepped up efforts to find out how a self-effacing dealer at Societe Generale ran up a $7 billion loss that hoodwinked his employers, saying he was not on the run and would soon face questioning.
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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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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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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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SociÃ©tÃ© GÃ©nÃ©rale said a junior trader who racked up more than $7 billion in losses misused computer access codes and falsified documents.
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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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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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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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French bank Societe Generale faced tough questions on Friday over how it failed to spot the biggest dealing scandal in history in which a lone trader triggered a $7 billion loss under the noses of top executives.
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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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The 4.9 billion euro (7.15 billion dollar) rogue trader scandal at Societe Generale does not affect the "solidity and reliability of France's financial system," President Nicolas Sarkozy said Friday.
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French trader accused of the biggest fraud in banking history facing another day of police questioning
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French banking giant Societe Generale said Thursday a single trader who fooled his bosses carried out a massive 4.9 billion euro (7.15 billion dollar) fraud -- one of the biggest in financial history.
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French Economy Minister Christine Lagarde said on Monday that Societe Generale, hit by $7 billion in losses from rogue trades, was under no pressure to merge with another bank as its shares plunged.