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09 December 2023

French police question second broker over SocGen

By Agencies


French police are questioning a trader from a brokerage that executed orders on behalf of the rogue trader at the centre of the Societe Generale scandal, a legal source familiar with the issue said on Friday.

The brokerage is a SocGen subsidiary formerly known as Fimat but renamed this year as Newedge after it merged with Calyon Financial. The brokerage's offices were raided by police on Thursday.

The brokerage executed trades on behalf of Jerome Kerviel, the trader SocGen accuses of unauthorised dealings that led it to book a record $7.17 billion trading loss. (Reuters)