As from April 2013 my Journey in Investing is to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

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This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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Friday, 15 October 2010

Client sues SocGen over his 'missing millions' here

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.
Posted by Createwealth8888 at 21:22
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