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Jerome Kerviel trades banking for computing

Latest update : 2008-04-24

Societe Generale's rogue trader Jerome Kerviel, accused of causing losses of 4.9 billion euros (7.1 billion dollars) at his former bank, has clinched a new computer expert job.

French rogue trader Jerome Kerviel, accused of causing losses of 4.9 billion euros (7.1 billion dollars) at Societe Generale bank, has taken up a new job as a computer expert, his employer said Thursday.
"Jerome Kerviel has been working as a consultant since the start of April,"  said Jean-Raymond Lemaire, owner of the Paris-based computing firm LCA, who had helped the trader find a place to live after he was first charged in the case.
The 31-year-old Kerviel was released on bail on March 18 while investigators probe his role in the biggest bank trading scam in history.
Societe Generale blames the junior trader for mammoth losses incurred after it was forced to unwind more than 50 billion euros of unauthorised deals he is said to have made.
Kerviel is under strict orders to avoid all places where financial trading takes place, to present himself to police once a week and once a month to show police proof of where he is living, the prosecutor's office said.
The trader turned himself into police on January 26, two days after the bank revealed the losses, and on January 28 was charged with breach of trust, fabricating documents and illegally accessing computers.
If found guilty of breach of trust, Kerviel would face a maximum sentence of three years in prison and a fine of 370,000 euros.

Date created : 2008-04-24