Young Trader Behind $7 Billion Loss at French Bank

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, says the young trader's extensive knowledge of the bank's security system helped him conceal his activities.

Cane talks with Michele Norris.

Related NPR Stories



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.