Trader of Societe Generale suspected of huge fraud

Jerome Kerviel used his financial "savoir faire" to hide huge losses created by unstable markets of future options, which amounted to 400 millions of €. Panicked Societe Generale reacted by selling all the problematic accounts creating even worse losses of 4.9 milliard of € causing a near bankruptcy for itself.

Finance, 28 of Jan.2008