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French Bank Defrauded Of US$7.14 Billion
by Stefanie at 9:21 am EST, Jan 24, 2008

The French bank Société Générale stunned financial markets today by revealing that it had been the victim of one of the largest frauds by a rogue trader — losing four times as much as Nick Leeson, the man who sank Barings.

The second-biggest French bank said that it had lost €4.9 billion (£3.7 billion) as a result of the rogue trades by a Paris-based trader who concealed his positions through "a scheme of elaborate fictitious transactions".

RE: French Bank Defrauded Of US$7.14 Billion
by Stefanie at 4:47 pm EST, Jan 24, 2008


Revealed: 'Invisible man' rogue trader, 31, behind £3.7 BILLION bank fraud

A rogue trader known as "the invisible man" gambled up to £60 billion in the world's biggest banking fraud disaster.

Kerviel, who earned less than £75,000 per year - including bonus - was described as a "technical whizkid" loner who hacked in to the bank's immensely sophisticated trading systems.

A SocGen insider said: "That's like hacking in to the Pentagon. And he did it in a way that meant he removed all trace of what he was doing. All the trades were invisible. SocGen could not see anything of what he was doing.

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