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In an announcement reported around the world, bank officials revealed that, over the course of several years, a rogue trader executed fraudulent transactions that cost the bank billions of dollars. According to company executives, it was the trader's knowledge of internal policies and process controls that had allowed him to hide the fraud for so long. Though Societe Generale reacted quickly to the discovery, dismissing related personnel and addressing recovery plans with investors and the media, the staggering losses significantly diminished the company's profits, shook customer and investor confidence and left the bank in the unenviable position of being the victim of the single largest act of fraud by an individual in the history of the securities industry.
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