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
Day trader Day trader A day trader is a trader who adheres to a trading style called day trading. This involves buying and subsequently selling financial instruments (e.g. stocks, options, futures, derivatives, currencies) within the same trading day, such that all positions will usually be closed before the market close of the trading day. Depending on one's trading strategy, trades may range from several to hundreds of orders a day. There are two types of day traders: institutional and retail. Both institutional and retail day traders are described as speculators, as opposed to investors; speculation is considered negatively as personal behavior and