EON AG, Germany’s biggest utility, said it suspects an unspecified former employee “falsified” trading positions and may have concealed internal-rule violations and trading limits.
The company, based in Dusseldorf, Germany, said the financial impact is expected to be below 20 million euros and no customers, counterparties or exchanges suffered damage, Georg Oppermann, a spokesman for EON’s trading unit, said today in an e-mail. EON first said it had suffered losses because of the trader on June 4.
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