A former Societe Generale trader who was fired for unauthorized risky bets has lambasted the French bank for making him a"scapegoat" and failing to take its share of responsibility.
Kavish Kataria, who was dismissed from the bank's Delta One desk last year, said the profits and losses on his trades were reported on a daily basis to superiors in his Hong Kong team as well as those in the Paris head office, while a daily email about the transactions was also sent out. Although SocGen did not lose any money from the trades, losses could have spiraled into the hundreds of millions of dollars had there been a market downturn, a person familiar with the matterKataria had been dealing in options on Indian indices, which he was not permitted to do, the person said. However, because most were intraday trade, they were not immediately detected, the FT reported.
Kataria joined the bank in Hong Kong 2021 and claimed he made $50 million for the desk in the last eight months alone.
Source: Law Daily Report (lawdailyreport.net)
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