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December 2, 2008 9:49:20 AM CST

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SocGen Trader Headed for Jail

Posted Feb 8, 08 7:05 PM CST in Business,  World 

(Newser) – A Paris court ruled today that rogue trader Jérôme Kerviel should be behind bars during the remainder of the investigation into his case, the New York Times reports. Kerviel is suspected of fake trading that cost French bank Société Générale $7 billion. When he heard the ruling, Kerviel looked like “the sky had fallen on his head,” said an opposition lawyer.

It remains unclear whether Kerviel’s crimes were solo endeavors. French police brought a broker for SocGen affiliate Fimat in for questioning yesterday; sources say he is 32-year-old Moussa Bakir. They claim prosecutors hold new evidence in the case—text messages between Kerviel and Bakir. “You have done nothing illegal in terms of the law,” Bakir wrote to Kerviel in November.

Source New York Times

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French bank Societe Generale's lawyer Jean Veil, left, answers the press after a Paris court ordered French trader Jerome Kerviel to be jailed while investigations continue into billions of euros (dollars)...   (Associated Press)
In this photo made available Wednesday, Feb. 6, 2008, French trader Jerome Kerviel, right, is seen with his lawyer Elisabeth Meyer, left, at Meyer's office in Paris, Tuesday, Feb. 5, 2008. A Paris court...   (Associated Press)
Jerome Kerviel's lawyer Elisabeth Meyer answers the press after a Paris court ordered French trader Kerviel to be jailed while investigations continue into billions of euros (dollars) in losses he allegedly...   (Associated Press)
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France • Paris • Société Générale • Jérôme Kerviel • rogue trader


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