France’s Société Générale Bank, the second largest financial institution in the nation, issued statements this Thursday exposing a $7 billion fraud. Though the methodology behind this swindle has been declared to be traditional, with money siphoned from accounts through withdrawal transactions, the bank stated that these same transactions had been kept from detection through "sophisticated and varied techniques,” although the bank did not further elaborate on what exactly these techniques might have been.
The fraud has been attributed to an as of yet unidentified trader who, the bank was eager to offer, has been suspended from his position. Several noted figures in the financial world, though, including Ion-Marc Valahu, head trader at a prominent Swiss bank, are skeptical regarding the guilt of the accused trader: "I am sorry, but I have a hard time buying the fact that a trader was able to set up a 'secret trade' of €4.9 billion ($7 billion) without anybody finding out.”
The Société Générale Bank has an estimated 22.5 million customers worldwide, and is, therefore, concerned with maintaining credibility. Additional investigations are underway.
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