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France Frees Rogue Trader Kerviel

Posted Mar 18, 08 8:50 AM CDT in Business 

(Newser) – Jerome Kerviel, the trader accused of an $8 billion fraud that nearly brought down Societe Generale, has been freed by a Paris court after five weeks in detention, the Guardian reports. The trader, who faces charges including breach of trust and falsifying documents, will remain free while the case is investigated but won't be allowed to leave Paris.

"There was no justification for his continued detention," his lawyer said. A lawyer for SocGen said he was satisfied with the conditions of release: Kerviel will have to hand in his passport, report to police once a week, and not go near trading floors. Kerviel claims the bank's bosses knew what he was doing but turned a blind eye as long as he was profitable.

Source Guardian (UK)

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  • Second SocGen Broker Held in Kerviel Probe

    Mar 12, 08 10:23 AM CDT
    Second SocGen Broker Held in Kerviel Probe Authorities have taken a second Societe Generale employee into custody and conducted a search of La Defense headquarters, as the probe into unauthorized securities trading that cost the French bank $7.6 billion expands, reports Bloomberg. Police are holding a broker from a bank subsidiary, said a SocGen spokeswoman. Another broker was taken into custody, questioned, and released last month. More »

Societe Generale trader Jerome Kerviel's lawyer Elisabeth Meyer, center, speaks to the medias at courthouse in Paris Tuesday, March 14, 2008.   (AP Photo/Francois Mori)
French trader Jerome Kerviel is seen at his lawyer Elisabeth Meyer's office in Paris, Tuesday, Feb. 5, 2008.   (AP Photo/Martin Bureau, pool)
French trader Jerome Kerviel, right, is seen with his lawyer Elisabeth Meyer, left, at Meyer's office in Paris, Tuesday, Feb. 5, 2008.   (AP Photo/Martin Bureau, Pool)
Another trader at Societe Generale was taken in for questioning Wednesday, March 12, 2008 after investigators searched the bank's offices in connection with a multibillion dollar trading scandal.   (AP Photo/Remy de la Mauviniere, file)
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