Fired SocGen trader sues for unfair dismissal

Societe Generale fired a currency trader for allegedly cheating a client after the bank said it discovered the incident during an internal investigation into the global foreign-exchange manipulation scandal. Now, the former employee is suing for unfair dismissal.

Bloomberg News reports that Societe Generale dismissed Ilan Botbol in 2015 for three instances of misconduct, including cashing in an excessive margin from a customer and bragging about it to traders at BNP Paribas and Morgan Stanley in 2008, the French bank’s lawyer Arnaud Chaulet told the Paris employment tribunal last week.

“I’m in the middle of stuffing a client,” Botbol said in a chat room, according to a transcript read by Chaulet. The former Societe Generale trader later said in the chat that he’d made $530,000 from the trade and agreed with the BNP trader’s comment that he was “a crook,” Chaulet said.

Botbol’s lawyer Nicole Bensoussan said that while the margin was important, Societe Generale has failed to prove it was excessive. Botbol “never” cheated customers, she said, adding that she found it odd that Societe Generale would blame her client for generating income for the bank.

Hit the link below to access the complete Bloomberg News article:

SocGen Sued by Ex-Banker It Accused of Cheating on FX Trade

Deutsche Bank Is Nearing a Plan to Boost Capital by $10.6 Billion

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