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Rogue Trader in Police Custody

Posted Jan 26, 08 9:37 CST in Business,  World 

(Newser) – Rogue trader Jérôme Kerviel is in the custody of French police today, the BBC reports, being held for questioning on the fraudulent trading scheme that cost Société Générale $7 billion. Police searched his flat in an upscale Paris neighborhood yesterday, leaving with a number of briefcases. They also visited the bank's headquarters, collecting documents and computer disks relating to the case.

Meanwhile, acquaintances painted a picture of the shy 31-year-old as less Machiavellian than haplessly over his head in his job at Société Générale. He's said to be traumatized, possibly suicidal, and suffering from severe personal problems after breaking up with his girlfriend and the death of his father last year, the Times and Telegraph report. His family says he is being made a scapegoat for bad management at the bank. "He is being made to carry the blame and is not the guilty one," said a relative.
Sources:: BBC, Times (UK), Daily Telegraph (UK)

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People enter the headquarters building of French bank Societe Generale, Thursday Jan. 24, 2008, outside Paris. Societe Generale said Thursday it has uncovered a euro4.9 billion (US$7.14 billion) fraud,...   (Associated Press)
This internal security photo taken from French bank Societe Generale's Web site shows Jerome Kerviel, accused of a $7 billion trading fraud. (AP Photo/Societe Generale)   (Associated Press)
A plainclothed police officer searches the apartment of a rogue trader accused of causing massive losses for banking giant Societe Generale, Friday Jan.25, 2008 in the Paris chic suburb of Neuilly-sur-Seine....   (Associated Press)
A poster is seen at the entrance of Jerome Kerviel's apartment building in Neuilly sur Seine, just outside Paris, Friday Jan. 25, 2008. The Societe Generale bank has accused a 31-year-old junior trader,...   (Associated Press)
A plainclothes police officer searches the apartment of a rogue trader accused of causing massive losses for banking giant Societe Generale, Friday Jan.25, 2008 in the Paris chic suburb of Neuilly-sur-Seine....   (Associated Press)
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