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55

Societe Generale Lost $7 Billion

French bank Societe Generale says it has uncovered "massive" fraud

French bank Societe Generale says it has uncovered "massive" fraud by a Paris-based trader which resulted in a loss of 4.9bn euros, or $7 bn, BBC World News reported.

The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".

It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.

The bank's shares, which were suspended in the morning, lost 3.6% when they resumed trading.

Societe Generale said one trader had taken what it called "massive fraudulent directional positions in 2007 and 2008 beyond his limited authority".