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.
Read this article after 6 pm at the website:
http://www.businesstimes.com.sg/sub/news/story/0,4574,408394,00.html?
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