Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Second SocGen Broker Held in Kerviel Probe

Could derail rogue trader's chances of getting released

By Jim O'Neill, Newser User

Posted Mar 12, 2008 10:23 AM CDT

(Newser) – 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,... Read full story »

COMMENTS

Read the comment policy

You need to Log in to Newser to comment. Don't have an account yet? Sign up now!

There are no comments

A snapshot of the day's best news stories.

View Larger Grid

All Today Yesterday Pick a Date

What's Popular Now on Facebook

Cops Shoot Naked Guy Eating Man's Face on Highway

Japanese Artist Serves Up Own Cooked Genitals

Bloomberg (Source Grid »)

SocGen raises $8.44 billion
Associated Press

Kerviel's lawyers want him released
Associated Press

Money • World

rogue trader • SocGen • risky trading • securities fraud • Societe Generale • Jerome Kerviel

More Newser Stories

SocGen Rogue Trader Guilty; Must Repay $6.7B

Kerviel will serve 3 years in prison in bank meltdown

(NEWSER) - A trader who brought Societe Generale to the brink of collapse in 2008 has been sentenced to three years in prison and ordered to repay the $6.7 billion his unauthorized trades cost the French bank. Jerome Kerviel, 33, was found guilty of breach of trust and computer hacking and sentenced to 5 years in jail, with two suspended, Bloomberg reports. More»

France Frees Rogue Trader Kerviel

He'll be under 'judicial control' during probe of $8B SocGen loss

(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. More»

Rogue Trader to Sue SocGen

Kerviel claims his accounts were in the black

(NEWSER) - The rogue trader whose $7.8 billion in transactions nearly sank Société Générale has filed papers in preparation for a wrongful dismissal lawsuit, the Times of London reports. Jérôme Kerviel will claim the French bank has failed to prove he did anything wrong. He was released on bail last month after 31 days in jail on charges of breach of trust, fabricating documents, and illegally accessing computers. More»

SocGen Chief Resigns Amid Growing Outcry

Executive pay scandal, $6.4B fraud fallout push Bouton to quit

(NEWSER) - The chairman of Société Générale announced his resignation today amid growing public criticism of his performance, Reuters reports. Daniel Bouton had been scolded by Nicolas Sarkozy for his handling of the rogue trading affair that cost the bank $6.4 billion; last month the president attacked the bank for its handling of executive pay packages. In a statement, Bouton blamed the "repeated attacks against me personally" for his decision to go. More»

Rogue Trader Gets a Job

IT company hires man behind biggest trading scandal in history

(NEWSER) - Jérôme Kerviel is working once again, despite having cost France’s Société Générale $7.68 billion in unauthorized trading. Released from prison a few weeks ago, the rogue trader is employed as an IT consultant for a French company specializing in networks and security, the Wall Street Journal reports. The gig could also help keep Kerviel out of jail. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Second SocGen Broker Held in Kerviel Probe

Could derail rogue trader's chances of getting released

rogue trader • SocGen • risky trading • securities fraud • Societe Generale • Jerome Kerviel

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

SocGen Rogue Trader Guilty; Must Repay $6.7B

Kerviel will serve 3 years in prison in bank meltdown

France Frees Rogue Trader Kerviel

He'll be under 'judicial control' during probe of $8B SocGen loss

Rogue Trader to Sue SocGen

Kerviel claims his accounts were in the black

SocGen Chief Resigns Amid Growing Outcry

Executive pay scandal, $6.4B fraud fallout push Bouton to quit

Rogue Trader Gets a Job

IT company hires man behind biggest trading scandal in history

About Us

Site

Community

Site Maps

Tools

More News

What is Newser?