Sunday July 12, 2020

French ex-trader convicted over €315m loss

Former Caisse d’Epargne trader Bruno Picano-Nacci was found guilty by a Paris court of charges his unauthorised trading cost the bank €315 million in 2008.

28th January, 2013
French bank Caisse d’Epargne said that ensuring repayment of the money it lost would be difficult.

Former Caisse d’Epargne trader Bruno Picano-Nacci was found guilty by a Paris court of charges his unauthorised trading cost the bank €315 million in 2008.

The court said he had to repay the money and issued a suspended jail sentence at a hearing today. The 37-year-old former trader breached the trust of the bank, continuing to trade on risky positions after he was ordered otherwise.

The bank announced a €751 million loss less than...

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