Thursday, January 24, 2008

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.

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