Court releases Societe Generale rogue traderMarch 18th, 2008 - 5:17 pm ICT by admin
Paris, March 18 (DPA) An appeals court here Tuesday ordered release of Jerome Kerviel, the rogue trader behind the largest banking fraud, from prison, BFM television reported. The 31-year-old Kerviel was placed in detention Feb 8 to prevent him from tampering with evidence in the investigation of his unauthorized transactions, which cost his employer, the bank Societe Generale, some 4.9 billion euros ($7.8 billion).
An investigation is underway to determine if Kerviel acted alone or with the help of other Societe Generale employees, or with the tacit approval of his superiors at the bank, as he has claimed.
Kerviel could face charges of forgery and breach of trust, with maximum penalties of seven years in prison and a fine of 750,000 euros.
Tags: appeals court, bank societe generale, banking fraud, breach of trust, forgery, maximum penalties, paris march, rogue trader, seven years, societe generale, superiors, tacit approval, tampering with evidence, television, unauthorized transactions