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France

French ex-trader Jerome Kerviel to stand trial

Text by NEWS WIRES

Latest update : 2009-08-31

Jerome Kerviel, the rogue trader suspected of having lost the Societe Generale 4.9 billion euros in a huge fraud scandal in 2008, will be facing trial on charges of breach of trust, among others. He faces up to five years in prison if convicted.

AFP - French trader Jerome Kerviel is to stand trial over the massive multi-billion trading scandal at Societe Generale last year, sources close to the case said Monday.
  
Investigating magistrates Renaud van Ruymbeke and Francoise Desset ordered Kerviel to answer charges of breach of trust among others before the Paris criminal court.
  
No date has been set for the trial, which is not expected to begin before the end of the year at the earliest.
  
One of France's three biggest banks, Societe Generale shocked the financial world when it unveiled losses of 4.9 billion euros (7.1 billion dollars) in January last year.
  
The losses were incurred when Societe Generale was forced to unwind more than 50 billion euros of unauthorised deals Kerviel is said to have made.
  
The bank has said Kerviel was a rogue trader who went to great lengths to conceal his dealings.
  
The 32-year-old trader has countered that his managers knew of his actions and kept silent as long as he was making good returns.
  
Other than breach of trust, Kerviel faces charges of falsifying and use of fake documents and tampering with computer information, according to the sources.
  
He faces a possible sentence of five years in prison and 375,000 euro fine if convicted.
  
Kerviel's assistant Thomas Mougard who faced charges of complicity has however been cleared and will not stand trial, they added.
  
Described by workmates as a quiet, unassuming trader, Kerviel turned himself in to police on January 26, two days after the bank revealed the losses.
  
Societe Generale's then-chairman Daniel Boutin described Kerviel as a "terrorist and fraudster" who had betrayed the confidence of his managers.

Date created : 2009-08-31

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