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French Bank Defrauded Of US$7.14 Billion

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French Bank Defrauded Of US$7.14 Billion
Topic: Business 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".

French Bank Defrauded Of US$7.14 Billion



 
 
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