Rogue trader blamed for 5-billion-euro French bank fraud
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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 bank Societe Generale loses billions of dollars through fraud by one of its Paris-based traders.
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French Finance Minister Christine Lagarde said Societe Generale followed market rules when it unwound unauthorized transactions by a rogue trader in a move that cost the bank billions, but urged tighter controls on banks in France.
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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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Trader blamed for â¬4.9bn loss at SociÃ©tÃ© GÃ©nÃ©rale being questioned, reports say
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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 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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French bank Societe Generale has lost $10bn, the bulk of which was lost through fraud by a trader.
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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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Losses caused by one trader at a French bank aren't t necessarily from an IT failure but perhaps bungled deployment.
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A former Credit Suisse banker and a Pakistani financier are accused of conspiring to make illegal trades related to nine buyouts in which the bank was an adviser.
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The French government demanded a full accounting Friday of how a rogue trader at Societe Generale managed to lose 7.0 billion dollars, as it emerged he gambled on over 73 billion dollars -- more than the bank's current value.
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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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Societe Generale files a legal complaint against the trader accused of fraud which led to huge losses at the bank.
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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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Police raided Friday the Paris headquarters of Societe Generale, which is accusing a rogue trader of losing more than 7.0 billion dollars (4.9 billion euros), the French banking giant said.
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French police were questioning a second trader about whether he knew of trades that led to billions in losses at bank SociÃ©tÃ© GÃ©nÃ©rale, according to a newspaper report.