The French Fraud King - $7.14 billion fraud by one man

Posted by Karim Baz

January 25, 2008

French bank Societe Generale said Thursday it has uncovered a $7.14 billion fraud — one of history’s biggest — by a single futures trader who fooled investors and overstepped his authority. The trader, who was not named, used his knowledge of the group’s security systems to conceal his fraudulent positions, a statement from the bank said.