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Mar
12

SocGen trader who made $7b detained


Judicial officials said Wednesday that another trader at French bank Societe Generale has been taken in for questioning in connection with a multibillion dollar trading scandal.
French trader Jerome Kerviel who made unauthorized trades costing SocGen nearly $7 billion.
Investigators are trying to determine whether Jerome Kerviel — the trader blamed by the bank for unauthorized trades that cost it nearly euro5 billion (US$7 billion) — had accomplices, judicial officials said. They were speaking on condition of anonymity because the investigation is ongoing.
Societe Generale spokeswoman Laura Schalk confirmed that investigators searched its offices on Wednesday, taking some records and detaining the employee, whose name she declined to provide. She called the search part of “normal proceedings” in the probe.

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