Société Générale was at the centre of a financial scandal in 2009. The bank denied those accusations. January 2008: Trading loss incident (Kerviel Fraud) On January 24, 2008, the bank announced that a single futures trader at the bank had fraudulently lost the bank €4.9 billion (an equivalent of US$7.2 billion), the largest such loss in history. The company did not name the trader, but other sources identified him as Jérôme Kerviel, a relatively junior futures trader who allegedly orchestrated a series of bogus transactions that spiraled out of control amid turbulent markets in 2007 and early 2008. Partly due to the
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