Want to read Slashdot from your mobile device? Point it at m.slashdot.org and keep reading!

 



Forgot your password?
typodupeerror
Note: You can take 10% off all Slashdot Deals with coupon code "slashdot10off." ×
Security

Submission + - Credit Suisse traders manipulated IT systems to hide $500m losses->

Qedward writes: Two traders at Credit Suisse have pleaded guilty to wire fraud and falsifying data after authorities said they had manipulated the bank's record systems, as the credit crunch approached, in order to help conceal over half a billion dollars' worth of losses.

The traders admitted to circumventing a mandatory real time reporting system introduced by Credit Suisse, manually entering false profit and loss (P&L) figures as the products they handled collapsed in value. They did so, according to the accusations, under heavy pressure from their manager, who has also been charged.

Link to Original Source
This discussion was created for logged-in users only, but now has been archived. No new comments can be posted.

Credit Suisse traders manipulated IT systems to hide $500m losses

Comments Filter:

Help! I'm trapped in a PDP 11/70!

Working...