JUSTICE: French ex-trader Jerome Kerviel to stand trial
.
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.
One of France’s three biggest banks, Societe Generale shocked the financial world when it unveiled losses of 4.
No date has been set for the trial, which is not expected to begin before the end of the year at the earliest.1 billion dollars) in January last year.9 billion euros (7.
The bank has said Kerviel was a rogue trader who went to great lengths to conceal his dealings.
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.
Other than breach of trust, Kerviel faces charges of falsifying and use of fake documents and tampering with computer information, according to the sources.
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. .
He faces a possible sentence of five years in prison and 375,000 euro fine if convicted.
Societe Generale’s then-chairman Daniel Boutin described Kerviel as a terrorist and fraudster who had betrayed the confidence of his managers.
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.
banking – France – Jérôme Kerviel – justice – Societe Generale