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Young Trader Behind $7 Billion Loss at French Bank

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Young Trader Behind $7 Billion Loss at French Bank

Business

Young Trader Behind $7 Billion Loss at French Bank

Young Trader Behind $7 Billion Loss at French Bank

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Officials at the French bank Societe Generale, the world's seventh-largest bank, have uncovered a massive trading fraud that is one of history's biggest — more than $7 billion.

A 31-year-old trader is the reported mastermind behind the fictitious transactions, but it doesn't appear that he benefitted personally from the scheme.

Jeff Cane, deputy news editor for Portfolio.com, says the young trader's extensive knowledge of the bank's security system helped him conceal his activities.

Cane talks with Michele Norris.

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