France: Societe Generale says trader used multiple fraud techniques

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January 28, 2008 04:27

Societe Generale has detailed how a trader evaded all its controls to bet €50 billion (US$73.5 billion) - more than the French bank's market worth - on European markets, saying he hacked computers and "combined several fraudulent methods" to cover his tracks, causing billions in losses. The bank says the trader, Jerome Kerviel, did not appear to have profited personally from the transactions and seemingly worked alone - a version reiterated Sunday by Jean-Pierre Mustier, chief executive of the bank's corporate and investment banking arm. But, in a conference call with reporters on Sunday, Mustier added: "I cannot guarantee to you 100 percent that there was no complicity." Officials said Kerviel was cooperating with police, who held him for a second day of questioning Sunday, seeking answers to what, if confirmed, would be the biggest-ever trading fraud by a single person.


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