Trial date set for Soc Gen trader
Jérôme Kerviel is accused of losing Société Générale billions of euros by taking up unauthorised trading positions
A FORMER Société Générale trader accused of losing the bank billions of euros in unauthorised deals is to stand trial this summer, two and a half years after the incident came to light.
Jérôme Kerviel, 34, handed himself into police in January 2008 after the French banking giant revealed almost €5bn in losses.
He was charged with abuse of trust, falsifying documents and illegally accessing bank computers – accusations that he contests – and was freed on bail.
Prosecutors have now confirmed that Kerviel will appear before the tribunal correctionnel in Paris from June 8 to 23.
His lawyer, Olivier Metzner, has announced he will be calling about 20 defence witnesses. He will argue in court that managers knew of Kerviel’s dealings but failed to exert proper control and kept quiet as long as he was making good returns.
Société Générale says the trader breached internal rules and took up positions that exposed the bank to excessive risk.
It closed the positions in three days of secret trading, with the approval of the Bank of France.
France's banking regulator fined Société Générale €4 million in 2008 and issued a formal warning to the bank for "grave deficiencies" in its internal controls that "made possible the development of the fraud and its serious financial consequences".
Related stories:
Soc Gen trader to be comic star
Soc Gen fined four million euros
Société Générale ‘doing just fine’
