Societe Generale

  • 17 Jun 2010 at 12:42 PM

Irate French Controller’s Got Jerome Kerviel’s Number

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The other day we noted that in the course of making fake trades at SocGen, Jerome Kerviel had invented a fake client who he’d named Matt, whose bio Kerviel added little flourishes to such as the fact that Matt apparently loved to play rugby. Today we hear from a non-imaginary colleague of Kerviel’s, none too happy about the fact that he owes her, a bottle of bubbly she’s probably never gonna get. Continue reading »

  • 15 Jun 2010 at 3:39 PM

Jerome Kerviel Invented A Friend Named Matt, Built A Vivid Character Sketch Of The Guy

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I knew there was a reason I loved Jerome Kerviel and today that reason became crystal clear. As previously mentioned, the former SocGen trader admitted faking a buncha trades during his time with the firm. Now, there’s this: Continue reading »

  • 09 Jun 2010 at 1:30 PM

Jerome Kerviel: Yeah I Faked Some Trades

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Was that wrong? Should he not have done that?

Under questioning by Judge Dominique Pauthe, Kerviel said he began making larger bets in 2005 and started falsifying transactions indicating he had covered his bets. Kerviel said he continued to exceed the 125 million-euro trading limit set for the Delta One trading desk where he worked in the years after 2005. “Seventy percent of the time, limits were exceeded,” Kerviel said when a prosecutor said he was the only one who exceeded limits. He said that the controls on his computer were “deactivated,” allowing him to fake transactions. The head of his trading desk knew as early as April 2007 that Kerviel was making fictitious transactions, Kerviel said.

  • 21 Apr 2010 at 3:52 PM

Accused Soc Gen High Frequency Thief Was Headed To Tower Research

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Editor’s Note: The following is a guest post by John Carney.

The former Societe Generale trader arrested yesterday on charges of stealing Soc Gen’s computer code for high-frequency trading was set to begin work this week at Tower Research Capital, a New York based quantitative hedge fund, according to a source.

Samarth Agrawal was charged yesterday with one count of theft of trade secrets, according to Bloomberg. Federal prosecutors said he made copies of the code behind Soc Gen’s proprietary trading last summer.

Agrawal resigned in November, just seven months after he was promoted to be a trader at Soc Gen. He had worked as a quantitative analyst for the bank’s high frequency trading group since 2007, according to reports.

A source familiar with the matter has exclusively told DealBreaker that Agrawal was scheduled to start at Tower Research Capital this past Monday.

“I guess he found a home for his stolen code,” the source said. Continue reading »