SEC is probing French bank
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The Securities and Exchange Commission is examining whether French bank Societe Generale broke U.S. laws while unwinding and revealing 4.9 billion euros ($7.2 billion) in losses allegedly incurred by a trader’s unauthorized bets, the Financial Times reported.
The inquiry, which is in a preliminary stage, may find that the matter is best left to French authorities because the incident doesn’t primarily involve the U.S., the newspaper said, citing unidentified people familiar with the matter.
The Paris-based bank disclosed the losses Jan. 24, saying it had unwound unauthorized positions by trader Jerome Kerviel, 31, after discovering the bets days earlier.
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