A French bank loses billions in investment scheme

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By Ashqelynn Ayers
KETK News

Story Created: Jan 24, 2008 at 12:24 PM CDT

Story Updated: Jan 24, 2008 at 12:24 PM CDT

PARIS - A single trader is behind one of the world's largest cases of financial fraud.

French bank Societe Generale announced it has uncovered a $7.1 billion fraud by a
single futures trader.

It said the trader misled investors through an elaborate scheme of fictitious transactions.

The bank will have to pay back more than $8 billion to investors.

The fraud appears to be one of the largest ever by a single trader.

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