BUSINESS
11/13/2008 05:12 am ET | Updated May 25, 2011

Russian Bank Loses $10 Million In Rogue Trade

MOSCOW -- An equities trader at Renaissance Capital, a Russian investment bank, lost the company about $10 million by placing unauthorized bets on the stock market just as it collapsed, the bank said Monday.

It was the latest trading scandal in a year when a rogue trader lost $7.2 billion at the French bank Société Générale. In the Russian instance, a young trader exceeded his company's limits on trades, which are safeguards against excessive loss, while making investments for a client, a spokesman for Renaissance confirmed.

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