SEC Opens Insider Trading Probe In SocGen Scandal

Law360, New York (February 4, 2008, 12:00 AM EST) -- The U.S. Securities and Exchange Commission has reportedly launched an investigation into stock sales made by an American board member of Societe Generale just before the bank announced multibillion-dollar losses caused by a rogue trader.

The SEC is examining trades made by Robert Day, an investment manager with Los Angeles-based Trust Co. of the West, as well as by two foundations linked to him, the Wall Street Journal reported Monday, citing anonymous sources.

The probe expands on an ongoing investigation by French regulators. The French agency...
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