£3.6bn stolen from French Bank Societe Generale: Trading in shares suspended

Trading in shares has been suspended for the French bank Societe Generale following reports that a rogue trader stole a massive £3.6bn. Reports say that the management found that an internal fraud was discovered for a huge amount, the fraud was carried out by someone in the financing and investment division.

According to Sky News the rogue trader has not been named, however the person has since been suspended and legal action is to be taken against him. French Bank Societe Generale has also fired a number of executives who are responsible for the actions of people in their department.

This is a theft on a huge scale and dwarfs the one where Brit Nick Leeson lost Barings bank £750m.