Thursday, May 19, 2011, 5/19/2011 03:13:00 PM

Societe Generale Has ANOTHER Former Employee in Trade Secrets Crosshairs

By Todd
Do you recall reports of Samarth Agrawal, the former Societe Generale trader, who admitted under questioning from his own attorney in his trade secret theft criminal trial that he DID steal the French bank's code and he DID show it to the potential new employer and that he DID know it was wrong? See: http://wombletradesecrets.blogspot.com/2010/11/societe-generale-trade-secret-thief.html.

Well, Bloomberg is reporting that Societe Generale has now accused a former foreign-exchange trader of misappropriating trade secrets involving clients for his future employer, Credit Agricole. (Note: we remember from our Latin training that agricola meant farmer - so this must be the institution that gives loans to farmers?)

Societe Generale SA, in a lawsuit filed today in federal court in Manhattan, is seeking an order to force the ex-trader, Karma Tenzing, to return the data. The bank said in its complaint that Tenzing was a junior salesperson on it foreign exchange desk from January 2010 until April 28 when he left for Credit Agricole, France’s third-largest bank by market value.

The documents Tenzing allegedly took from the bank’s New York office and its computer server were found on the hard drive of a computer in his New York office, according to the suit.
“Knowing full well that his lack of ‘a book’ and minimal contacts made him less desirable as a candidate, he set upon a scheme to make himself more marketable to a competitor,” Societe Generale said in the complaint.

“Tenzing knew that taking those documents was wrong,” Societe Generale said. “He was trained by Societe Generale on the need to maintain confidentiality.”

Anne-Sophie Gentil, a spokeswoman for Credit Agricole, couldn’t be reached for comment after business hours in Paris.

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