Details Emerge in French Bank Fraud Case
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PARIS, Jan. 27 -- French bank Societe Generale said Sunday that the junior trader accused of perpetrating one of the largest banking scandals in history stole computer access codes and created fraudulent e-mails to bet more than the bank's entire market worth on risky investments.
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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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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 detailed Sunday how a young trader evaded all its controls to bet some $73 billion Â more than the French bank's market worth Â saying he hacked computers and used other "fraudulent methods" to cover his tracks, causing billions of dollars in losses.
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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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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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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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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 trader alleged to have cost French Bank Societe Generale 4.9 billion euros in unauthorised financial deals was being questioned in police custody Saturday, a judicial source said.
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The man at the center of a trading  scandal at Societe Generale said that his activities could not  have gone undetected by the French bank.
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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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French bank Societe Generale has lost $10bn, the bulk of which was lost through fraud by a trader.
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New questions emerged about when JÃ©rÃ´me Kervielâs superiors at SociÃ©tÃ© GÃ©nÃ©rale became aware of the scale of his unauthorized trades.
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PARIS -- French police were holding a second person for questioning about the loss of billions at bank Societe Generale, a judicial official said Friday.
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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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A young trader blamed for losses that cost France's Societe Generale more than $7 billion hacked computers and used "several techniques of fraud," the bank said Sunday, as judicial officials said the man would remain in custody a further 24 hours.
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(InfoWorld) - The U.S. Secret Service has cracked down on an international ID theft ring that is responsible for more than $14 million in fraud losses, the agency said Monday. On June 12, French National Police arrested four on online fraud charges, acting on information provided by the Secret Service, the agency said in a statement. The arrests were part of an undercover investigation into the activities of an online criminal known by the alias, "Lord Kaisersose," who is "associated with Internet sites known for identity theft and financial fraud activities," the Secret Service said. Investigators found more than 28,000 stolen credit- and bank-card numbers as a result of this operation, the Secret Service said. "Fraud losses associated with this investigation have exceeded $14 million," the Secret Service said. At the same time the Secret Service, working with local authorities, closed down an illegal credit card-selling activity based out of Canada and France. This action, called Operation Hard Drive, led to the arrest of two suspects, who are allegedly behind more than $1 million in credit card fraud. French police arrested an unnamed man, who went by the alias THEEEEL on credit card-selling Web sites, on charges relating to ID theft. The second man, Nicholas Joehle, of Calgary, Alberta is alleged to have sold fake credit card readers, known as "skimmers" over the Internet. These devices are often illegally used by employees at legitimate businesses that accept credit cards and are becoming a growing problem in the U.S. Calgary Police recovered 100 such skimmers, a skimmer-making lab, and $30,000 in U.S. and Canadian currency, the Secret Service said.