By seher on 2008-01-24 
French banking giant Societe Generale says a futures trader has defrauded it of over $7 billion in one of the biggest financial frauds in history.
The bank's chief of corporate and investment banking says the trader acted on his own.
The bank says the trader has confessed to the fraud and is being dismissed. The bank is also firing top executives responsible for supervising the so far unnamed trader.
The bank also revealed that it will report a near $3 billion loss stemming from bad investments in the U.S. sub-prime mortgage market.
Source: By VOA News
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