Rogue trader's fraud led to $7.1 billion loss: Societe Generale - MarketWatch

Rogue trader's fraud led to $7.1 billion loss: Societe Generale - MarketWatch

The size of the SocGen fraud dwarfs that of infamous rogue trader Nick Leeson, who racked up losses of around $1.4 billion at Barings Bank in 1995.

Leeson's actions led to the collapse of Barings. Convicted of fraud, he was sentenced to a jail term of six and a half years.

The SocGen trader used his experience of working in the bank's middle- and back-office to hide the huge positions he created, Bouton told investors and the media during a heated press conference.