Createwealth8888: In forex, losses can be really huge due to its nature of high leverage being used
Read? Investor to pay $1.6M to bank after losing lawsuit.
By GRACE LEONG
(SINGAPORE) For years, two relationship managers assured a client that his investment portfolio was doing well and that he had a balance of around $8 million in his account.
In fact, the net value of the investment account stood at only $252,652 on Aug 12 this year. The rest had been frittered away by the relationship managers at Societe Generale Bank & Trust in Singapore because of alleged unauthorised forex trades, according to a lawsuit filed at the Singapore High Court yesterday.
To cover up the losses, they fed the client with bogus statements, the lawsuit claimed.