White-Collar Crime

Kerviel Should Be Tried Concerning $7B SocGen Trading Loss, Prosecutors Say

Jerome Kerviel, a low-level trader blamed by Societe Generale SA for a $7 billion trading loss last year, should be tried on criminal charges, French prosecutors have recommended in a report today to the judge in charge of investigating the case.

Prosecutors recommend that Kerviel, 32, should be tried for alleged abuse of trust, falsification of documents and computer hacking concerning his work for the French bank, reports Bloomberg.

Kerviel’s lawyer, Olivier Metzner, told Bloomberg the report was “totally contradictory.”

Additional coverage:

ABAJournal.com: “Rogue Trader in $7B SocGen Case Says Boss Watched”

Forbes: “The Wannabe”

Updated at 2:49 p.m. to include comment from Metzner.

We welcome your comments, but please adhere to our comment policy and the ABA Code of Conduct.

Commenting is not available in this channel entry.