Authorities today released a second suspect in the bank fraud case that cost Société Générale a dizzying $7.09 billion, the Wall Street Journal reports. But the suspect’s ex-colleague, Jerome Kerviel, remains jailed, as the bank and French officials insist he acted alone. Still, prosecutors labeled the second man an assisted witness, which makes him a witness without being charged, AFP explains.
Prosecutors are investigating messages he sent Kerviel before the case broke. “You have done nothing illegal in terms of the law,” one read. SocGen says Kerviel overstepped his authority but concedes he didn’t appear to profit personally from his trades. SocGen’s crippling loss has left it to vulnerable to takeover bids from rivals, Forbes notes.