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French Trader Tied to Oslo Bank Losses Arrested in Norway

November 24, 1987|Associated Press

OSLO — A senior stock trader who is held responsible for $62 million in trading losses in a Norwegian bank was arrested as he tried to leave the country, the Norwegian news agency NTB reported Monday.

Frenchman Philippe Hecker was picked up by police Saturday as he waited at Oslo's airport to board a flight bound for Brussels. He was jailed on charges of having cheated his former employer, NTB said.

Den Norske Creditbank, Norway's largest commercial bank, fired Hecker, 37, late last week as it announced that it had lost an estimated 800 million kroner (about $124 million) through securities trading.

Leif Nybo, a bank spokesman, said at the time that half the loss was attributable to Hecker, who had worked there since March.

Police said they are holding Hecker because they fear that he could destroy evidence or leave the country before the investigation is completed, NTB said.

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