French Bank Offers New Details on Fraud
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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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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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PARIS, Feb. 4 -- French Finance Minister Christine Lagarde gave Societe Generale a mild rebuke Monday in a report that largely backs up the bank's account of how it lost $7.1 billion last month in the largest trading scandal in banking history.
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PARIS, Jan. 25 -- French political figures, shareholders and bank customers on Friday voiced growing criticism and skepticism of banking giant Societe Generale's explanations of one of the largest financial scams in history.
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Financial institutions are asking law enforcement and regulators to share more data to better combat fraud.
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French bank Societe Generale disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses.
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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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The BBC's Alasdair Sandford examines reaction in France to the massive fraud by a Paris-based bank trader.
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French prosecutors investigate alleged embezzlement by the leaders of Gabon and Congo.
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French police get a further 24 hours to question trader Jerome Kervel, at the centre of a suspected massive fraud.
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France's finance ministry calls for tighter banking controls after the Societe Generale trading scandal.
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Swiss bank UBSâs string of stinging financial disclosures is symptomatic of how the subprime drama has unfolded in Europe and is stoking fears of more shocks to come.
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The City watchdog asks insurers and brokers to inform on firms that they think are committing fraud.
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Embattled French bank Societe Generale faces fresh troubles Monday when a trial opens in Paris involving a vast money laundering scam between France and Israel.
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An investigation is launched in France as a man is held on suspicion of faking robbery to fund a terror group.
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French bank Societe Generale says it has uncovered a huge fraud by a Paris-based trader, who has been suspended.
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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.