The man accused of being the world’s biggest rogue trader, Jerome Kerviel goes on trial today over the five billion euro loss he incurred for the French bank Societe Generale.
Kerviel who is aged 33, faces criminal charges of forgery, breach of trust and unauthorized computer use. If convicted he faces up to five years in prison and a fine of over 375,000 euros.
Earlier this year he explained himself in an interview:
“I will not stop repeating that my superiors knew about my activities, and I acted in full view of everyone, with the tacit agreement of my superiors, whose sole objective was to bring as much money as possible into the bank.”
The trial is expected to last three weeks, during which time his legal team will explore how much a company is responsible for the wrongdoing of its employees.
Although he never stole any of the hundreds of billions of euros he made for the bank, he repeatedly broke trading rules and things allegedly went wrong when he went beyond his nominal trading limits.