January 24, 2008

Societe Generale uncovers massive fraud (AP)

Pedestrians walk past a branch office of French bank Societe Generale, Thursday, Jan. 24, 2008 in Paris. French bank Societe Generale said Thursday it has uncovered a euro4.9 billion (US$7.14 billion) fraud  one of history's biggest  by a single futures trader whose scheme of fictitious transactions came undone when stock markets plunged this week. (AP Photo/Thibault Camus)AP – French bank Societe Generale said Thursday it has uncovered a 4.9 billion euro ($7.14 billion) fraud — one of history’s biggest — by a single futures trader whose scheme of fictitious transactions was discovered as stock markets began to stumble in recent days.

Tags: Real Estate Blog, Real Estate Business
Permalink • Print