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SocGen: Lax Controls Led to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

By Jim O'Neill, Newser User

Posted Feb 21, 2008 7:50 AM CST

(Newser) – Rogue SocGen trader Jerome Kerviel, whose unauthorized deals led to a $7.2 billion loss for the French bank, continued his trading for more than a year after the first warning flag was raised in the department that was supposed to detect risky trading, reports... Read full story »

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France • derivatives market • bank fraud • Jérôme Kerviel • Société Générale • rogue trader • risky trading

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SocGen: Lax Controls Led to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

France • derivatives market • bank fraud • Jérôme Kerviel • Société Générale • rogue trader • risky trading

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SocGen CEO Resigns Over Rogue Trader

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