{"id":7372,"date":"2008-03-25T00:00:00","date_gmt":"2008-03-25T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"french-bank-socgen-fined-over-internal-system-failings","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2008\/french-bank-socgen-fined-over-internal-system-failings.html","title":{"rendered":"French bank SocGen fined over internal system failings"},"content":{"rendered":"<div class=\"lead\">\n<p>Budapest Business Journal- The French financial market regulator AMF said Friday it had fined French bank Societe Generale &euro;300,000 ($464,000) for breaching financial industry&rsquo;s rules and a suspected insider trading.<\/p>\n<\/div>\n<div align=\"justify\">\n<p>In August 2003, the Amber Fund, a Jersey-based hedge fund then belonged to Societe Generale, made a large purchase of stocks of a real estate company, Sophia, right before SocGen and a French insurance company sold a large amount of their stocks of Sophia. Societe Generale had been suspected of providing Amber with &ldquo;privileged information&rdquo; that led the fund to carry out the acquisitions.<\/p>\n<p>AMF said that it had been unable to find evidence of insider trading of the stocks, but that SocGen&rsquo;s failure to identify a potential conflict of interest and police its system from leaking sensitive information to investment decision-makers were breaches of financial rules. SocGen said it couldn&rsquo;t accept the fine, as Amber Fund had been peeled off from the bank since the end of 2005.<\/p>\n<p><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.bbj.hu\/main\/news_37658_french%2Bbank%2Bsocgen%2Bfined%2Bover%2Binternal%2Bsystem%2Bfailings.html\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Budapest Business Journal- The French financial market regulator AMF said Friday it had fined French bank Societe Generale &euro;300,000 ($464,000) for breaching financial industry&rsquo;s rules and a suspected insider trading. In August 2003, the Amber Fund, a Jersey-based hedge fund [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7372","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7372"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7372\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}