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SocGen Trader Charged, Faces 7 Years

Kerviel didn't siphon off a cent, wanted to be 'a stand-out trader'

By Kevin Spak, Newser Staff

Posted Jan 28, 2008 9:08 AM CST

(Newser) – Jérôme Kerviel, the rogue trader who cost France's third-largest bank over $7 billion, was charged with attempted fraud by French authorities today, Bloomberg reports. Abuse of trust, the most serious of four charges, carries a potential 7-year sentence and $1.5-million fine. Police... Read full story »

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fraud • France • bank fraud • Jérôme Kerviel • Société Générale • trader • abuse of trust

More Newser Stories

Lawyer: SocGen 'Condoned' Trader's Deals

Bank couldn't have missed billions in moves: Kerviel's rep

(NEWSER) - The French trader who lost Société Générale $7.2 billion acted with the tacit support of the banking giant's management, which "condoned" his trades, Jérôme Kerviel's lawyer says. The assertion contradicts executives' claims that Kerviel acted alone. "Jérôme is a smart trader, but not smarter than any other guy at SocGen," the lawyer told CNN. More»

Bank Was Warned About Rogue Trader

Prosecutor says Kerviel was after a big bonus with mammoth trades

(NEWSER) - The Eurex stock exchange alerted Société Générale to positions held by Jérôme Kerviel months before the bank discovered his staggering $7 billion fraud, the Independent reports. Kerviel produced fake documents to justify his actions to the bank and was motivated by a drive to impress his bosses with lucrative trades and earn a large bonus, according to the lead prosecutor in the case. More»

SocGen CEO Resigns Over Rogue Trader

Bouton steps down at last; future remains grim for French bank

(NEWSER) - The CEO of Société Générale will step down, at last bowing to pressure in the wake of the $7.8 billion rogue trading scandal. Although investors and politicians—including French President Nicolas Sarkozy—had demanded Daniel Bouton's resignation immediately after the revelation of Jérôme Kerviel's massive fraud, the bank had insisted he stay on to keep SocGen from collapse, reports the Financial Times. More»

SocGen: Lax Controls Led to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

(NEWSER) - Rogue SocGen trader Jerome Kerviel, whose unauthorized deals led to a $7.2 billion loss for the French bank, continued his trading for more than a year after the first warning flag was raised in the department that was supposed to detect risky trading, reports the Wall Street Journal. Kerviel wrote at least seven bogus emails flagged for anomalies, and his trades tripped 24 alarms over a 14-month period beginning in July 2006, the bank admits in a report released yesterday. More»

Trader's Alleged Accomplice Released

Second SocGen worker not charged as bank struggles to stay alive

(NEWSER) - 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. More»

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SocGen Trader Charged, Faces 7 Years

Kerviel didn't siphon off a cent, wanted to be 'a stand-out trader'

fraud • France • bank fraud • Jérôme Kerviel • Société Générale • trader • abuse of trust

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More Newser Stories

Lawyer: SocGen 'Condoned' Trader's Deals

Bank couldn't have missed billions in moves: Kerviel's rep

Bank Was Warned About Rogue Trader

Prosecutor says Kerviel was after a big bonus with mammoth trades

SocGen CEO Resigns Over Rogue Trader

Bouton steps down at last; future remains grim for French bank

SocGen: Lax Controls Led to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

Trader's Alleged Accomplice Released

Second SocGen worker not charged as bank struggles to stay alive

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