2008 Société Générale trading loss of closing out trades within the three-day cycle alleged could not be accomplished given the immense sums involved. In answers to the rumors alleging Jérôme Kerviel had fled Paris following the discovery of the unauthorized trading, on January 24, 2008 Kerviel's lawyer denied that he attempted to disappear and said he remained in Paris to face the accusations. Also on January 24, 2008, Société Générale filed a lawsuit against "a 31-year-old person" for creating fraudulent documents, using forged documents and making attacks on an automated system, according to Clarisse Grillon, a spokeswoman for the Nanterre prosecutor. "Le Figaro" reported that
Pattern day trader Pattern day trader Pattern day trader is a FINRA designation for a stock market trader who executes four or more day trades in five business days in a margin account, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period. A FINRA (formerly National Association of Securities Dealers, Inc. or NASD) rule applies to any customer who buys and sells a particular security in the same trading day (day trades), and does this four or more times in any five consecutive business day period; the rule applies to