Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, January 24, 2008

Societe General Reports Futures Hedging Losses

Societe General, France's second largest bank, announced a $7.16 billion write-down due to "massive fraudulent directional positions" by a single trader in charge of futures hedging on European equity market indices.  The unnamed trader concealed losses through an elaborate scheme of fictitious transactions.  The loss is the largest from a rogue trader.  Both the trader and his supervisor were fired.  WSJ, Societe Generale Hit By Fraud, Write-Downs.

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