GO
Loading...

Corporate Fraud

More

  • SocGen Thwarts Fraud Attempt in Romania Thursday, 7 Feb 2008 | 4:27 AM ET

    The Romanian unit of France's Societe Generale, BRD, said it thwarted an attempt by a clerk to steal 8 million lei ($3.19 million) this week, managing to block a large part of the transfer.

  • U.S. Probes Stock Sales By SocGen Board Member Monday, 4 Feb 2008 | 2:13 PM ET

    The U.S.  is looking into stock sales by a member of French bank Societe Generale's board shortly before the bank announced billions of dollars in losses by a single trader.

  • SocGen Shares Jump on BNP Paribas Interest Thursday, 31 Jan 2008 | 12:35 PM ET

    Paribas confirmed on Thursday that it was studying a possible bid for Societe Generale, as its fellow French bank reeled from rogue trading losses and France warned off would-be foreign bidders.

  • Bank Hit by Rogue Trader Opens Its Own Inquiry Wednesday, 30 Jan 2008 | 1:08 PM ET

    Scandal-hit French bank Societe Generale opened its own inquiry on Wednesday into how it suffered history's biggest rogue trader loss, but resisted heavy pressure to sack its chairman and CEO.

  • French Trader: Bosses Knew About Risky Trades Tuesday, 29 Jan 2008 | 3:01 PM ET

    The trader accused of causing about $7 billion in losses at Societe Generale told investigators that he believes his bosses were aware of his massive risk-taking on markets but turned a blind eye as long as he earned money, a judicial official said.

  • Hands Off Societe Generale, France Tells Rivals Tuesday, 29 Jan 2008 | 1:04 PM ET

    France warned rival banks on Tuesday not to try to grab control of Societe Generale as it reels from losses blamed on a rogue trader, but piled pressure on its chairman to resign.

  • European Leaders Call for Greater Transparency Tuesday, 29 Jan 2008 | 5:35 AM ET
    British Prime Minister Gordon Brown.

    Key European leaders are calling for greater transparency in world financial markets, meeting Tuesday in London to discuss how they can rescue the turbulent global economy.

  • French Bank Gives Details on Rogue Trader's Methods Sunday, 27 Jan 2008 | 4:19 PM ET
    Jerome Kerviel, Societe Generale bank trader accused of fraud.

    Societe Generale said Sunday that a trader who evaded all its controls to bet $73.5 billion -- more than the French bank's market worth -- on European markets hacked computers and "combined several fraudulent methods" to cover his tracks, causing billions in losses.

  • Bush Pushes Congress on Stimulus Package Friday, 25 Jan 2008 | 5:19 PM ET

    President Bush urged Congress on Friday to quickly pass an economic stimulus package void of extraneous spending, saying only quick action will kickstart the sputtering economy. "I strongly believe it would be a mistake to delay or derail this bill," Bush said.

  • Why Did French Bank's 'Rogue Trader' Do It? Friday, 25 Jan 2008 | 4:31 PM ET
    Jerome Kerviel, Societe Generale bank trader accused of fraud.

    A day after Societe Generale unveiled a fraud that cost it 4.9 billion euros ($7.18 billion), France's media was left wondering about a rogue trader described variously as a genius of fraud and a troubled introvert.

  • French Media Puzzle over SocGen Rogue Trader Friday, 25 Jan 2008 | 10:56 AM ET
    Jerome Kerviel, Societe Generale bank trader accused of fraud.

    A day after Societe Generale unveiled a fraud that cost it 4.9 billion euros ($7.18 billion), France's media was left wondering about a rogue trader described variously as a genius of fraud and a troubled introvert.

  • Pressure Piles on SocGen over Trading Scandal Friday, 25 Jan 2008 | 9:45 AM ET

    Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his supervisors and run up a $7 billion loss.

  • Did French Bank's Huge Loss Trigger Fed Rate Cut? Thursday, 24 Jan 2008 | 2:28 PM ET

    Societe Generale's  $7 billion fraud left investors wondering about a link between the fiasco and the Fed's emergency rate cut.

  • French Bank Blames Trader for $7 Billion Loss Thursday, 24 Jan 2008 | 12:30 PM ET

    The biggest rogue trader scandal in history hit Societe Generale on Thursday as the French bank accused a junior employee of a fraud costing $7 billion.

  • Writedowns, Part Deux Thursday, 24 Jan 2008 | 6:04 AM ET

    A rolling of eyes and Gallic shrugs worthy of any Frenchman. That was the response on the ground in Davos as the news of Socgen's trading loss and sub-prime writedown unfolded.

  • Societe Generale: Talk of the Town Thursday, 24 Jan 2008 | 5:36 AM ET

    When attendees from a sovereign wealth fund panel in Davos emerged, it wasn't about this topic, until yesterday so hot, that they spoke. Instead, they focused on the woes on Societe Generale, which reported this morning that a fraud by a trader would cost the group 4.9 billion euros ($7.16 billion).

  • "We Can Bounce Back" SocGen Head Tells Clients Thursday, 24 Jan 2008 | 4:30 AM ET

    French bank Societe Generale can bounce back from an internal trading fraud which has resulted in a "very significant loss," Chairman Daniel Bouton told the bank's 22.5 million worldwide customers in a letter on Thursday.

  • Brocade Ex-CEO Gets 21 Months in Backdating Case Wednesday, 16 Jan 2008 | 2:05 PM ET

    The former chief executive of Brocade Communications Systems was sentenced to 21 months in prison for orchestrating a scheme to tamper with the company's records of stock option grants.

  • Supreme Court Upholds Limits on Investor Lawsuits Tuesday, 15 Jan 2008 | 2:41 PM ET

    The Supreme Court upheld a ruling that investors cannot sue third parties such as banks and accounts in cases of securities fraud.

  • Senate Subpoenas Four Wall Street Firms: WSJ Tuesday, 15 Jan 2008 | 12:58 AM ET

    Four Wall Street firms have received subpoenas from US Senate investigators who are examining whether the firms improperly structured transactions to help hedge funds avoid dividend taxes, The Wall Street Journal reported on its website.