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Societe Generale trader will not face fraud charges


Societe Generale trader will not face fraud charges


Jerome Kerviel, the former trader named in the five billion euro fraud scandal at French bank Societe Generale has been released after being placed under formal investigation.

His lawyer said Kerviel will not be investigated for for fraud, as prosecutors has asked, but for breach of trust, breaching computer security and falsification. He has had to surrender his passport to the authorities.

Earlier, prosecutor Jean-Claude Marin said Kerviel has told police he did not act for personal gain and just wanted to enhance his reputation as a trader: “What Jerome Kerviel told us was that he was a trader and as a trader he was caught up in a sort of spiral: with a feeling for the market, a sense of how the market was moving and he wanted to finally capitalise on the feelings that he had about the market.”

Kerviel said he acted alone, but also accused other traders at Societe Generale of breaking its regulations by trading beyond their limits. His unauthorized transactions, went on for a period of about one year and prosecutors say that Eurex, the European derivatives exchange, had warned the bank in November last year about his positions.

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