Societe Generale uncovers massive fraud
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French bank Societe Generale said Thursday it has uncovered a 4.9 billion euro ($7.14 billion) fraud Â one of history's biggest Â by a single futures trader whose scheme of fictitious transactions was discovered as stock markets began to stumble in recent days.
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PARIS, Jan 26 -- The French trader accused of one of the biggest bank frauds ever surfaced Saturday -- in the custody of police, who were questioning him about bad bets that cost France's No. 2 bank billions of euros.
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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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US authorities are probing Societe Generale and events linked to the trading problems that cost the bank $7.19bn.
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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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The biggest rogue trader scandal in history hit Societe Generale on Thursday as the French bank accused a junior employee of a fraud costing $7 billion.
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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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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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French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said.
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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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Societe Generale is in crisis, France's economy minister said on Tuesday of the bank hit by losses piled up by a rogue trader, questions over its leadership, takeover speculation and a falling stock price.
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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 said Thursday that it has uncovered a $7.14 billion fraud which, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital.
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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 bank Societe Generale has lost $10bn, the bulk of which was lost through fraud by a trader.
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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.
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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.