2008 Société Générale trading loss taken massive fraudulent directional positions in 2007 and 2008 far beyond his limited authority" and that the trades involved European stock index futures. Though bank officials say Kerviel apparently worked alone, skeptics question how unauthorized trading of this magnitude could go unnoticed. Kerviel's unassuming background and position have heightened the skepticism that he worked alone. Some analysts suggest that unauthorized trading of this scale may have gone unnoticed initially due to the high volume in low-risk trades normally conducted by his department. The bank said that whenever the fake trades were questioned, Kerviel would describe it as a mistake then
UBS tax evasion controversies UBS-controlled offshore assets to evade taxes. The bankers had the intention of directing their French clients assets to UBS's Switzerland operation, rather than keeping the money in France. Arrest warrants were issued for three former UBS France employees in January 2015 after they failed to appear before French magistrates leading the investigation. UBS faces fines of up to five billion euros for its alleged role in tax fraud, according to the French newspaper "Le Temps". In July 2014, the bank was required to post a bond of 1.1 billion euros, which UBS complied with while making multiple appeals in the