French bank Societe Generale said Thursday it has uncovered a $7.14 billion fraud -- one of history's biggest -- by a single futures trader who fooled investors and overstepped his authority. The trader, who was not named, used his knowledge of the group's security systems to conceal his fraudulent positions, a statement from the bank said.
Saturday, January 26, 2008
The French Fraud King - $7.14 billion fraud by one man
French bank Societe Generale said Thursday it has uncovered a $7.14 billion fraud -- one of history's biggest -- by a single futures trader who fooled investors and overstepped his authority. The trader, who was not named, used his knowledge of the group's security systems to conceal his fraudulent positions, a statement from the bank said.
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