French rogue trader Jerome Kerviel said he was a scapegoat after being jailed for three years and ordered to pay back the five billion euros.
A Paris court on Tuesday sentenced rogue trader Jerome Kerviel to three years in jail and ordered the 33-year-old to pay back the five billion euros.
Accused rogue trader Jerome Kerviel went on the attack against his former bank employers before they gave their first evidence on Wednesday.
Alleged rogue trader Jerome Kerviel went on trial on Tuesday, accused of unauthorised deals that cost Société Générale €5-billion.
A Paris court on Tuesday freed Jerome Kerviel, the trader accused of causing record losses at French bank Société Générale, pending investigation, his lawyers said. Société Générale unveiled €4,9-billion (,64-billion) of losses in January in the biggest trading scandal in recent history.
Police arrested an employee from the trading room of Société Générale on Wednesday as part of their investigation into an alleged rogue trading scandal at the French bank, Europe 1 radio reported. In January, Société Générale unveiled €4,9-billion of losses which the bank blamed on rogue deals carried out by Jerome Kerviel
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/ 26 February 2008
French President Nicolas Sarkozy sharply criticised the chairperson of scandal-hit bank Société Générale in an interview published on Tuesday, saying his response to billion-euro losses was "not normal". "When the president of a company sees losses of that magnitude and does not draw conclusions from it, that’s not normal," Sarkozy said.
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/ 18 February 2008
Société Générale, at the centre of a huge trading scandal, began investigating trades executed by Jerome Kerviel months before his activities were exposed in January, a media report said on Monday. A senior executive of Fimat began investigating at the end of September deals executed by Fimat employee Moussa Bakir for Kerviel.
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/ 13 February 2008
Lawyers for Jerome Kerviel, the rogue trader blamed by French bank Société Générale for huge losses, lodged an appeal against his detention, the Paris prosecutor’s office said on Wednesday. Kerviel placed a secret wrong-way bet on the share market that Société Générale blames for a -billion trading loss in the world’s biggest rogue trading scandal.
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/ 12 February 2008
Société Générale launched a discounted â,¬5,5-billion capital increase on Monday to prop up its finances and heal scars from the world’s biggest rogue trading scandal. The one-for-four rights issue at â,¬47,50 per share gives its existing shareholders a bigger-than-expected discount of 38,9% to Friday’s price.
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/ 11 February 2008
Other banks and the French taxman stand to make hundreds of million of dollars as Société Générale boosts its capital with a deeply discounted rights issue after rogue trading and United States subprime losses. An official at the bank said on Monday the company would have to pay taxes on a €1,4-billion capital gain.
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/ 10 February 2008
A new court battle will be held on Monday over the detention of French rogue trader Jerome Kerviel. The decision by a Paris appeals court on Friday to back a prosecution demand that the 31-year-old trader be held in custody was the latest twist in the worst investment banking scandal in history.
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/ 9 February 2008
A second trader suspected of involvement in the multibillion-dollar losses at Société Générale bank was taken for questioning by judges on Saturday. The unnamed broker at Société Générale subsidiary Fimat was seen leaving the headquarters of the police financial brigade aboard an unmarked police van escorted by a car.
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/ 8 February 2008
A French inquiry into a €4,9-billion trading loss at Société Générale widened to a second broker on Friday as investigators sought to establish whether rogue trader Jerome Kerviel acted alone. The news emerged as a court prepared to rule on whether Kerviel should be taken into custody.
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/ 5 February 2008
Société Générale was braced for fresh criticism from France’s top central banker on Tuesday as the man the bank blames for its record trading losses spoke out against his former employer. Jerome Kerviel (31) is under police investigation and said that he would not be turned into a ”scapegoat”.
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/ 29 January 2008
Accused French rogue trader Jerome Kerviel walked free after judges placed him under formal investigation on Monday for his role in $7-billion of losses at Société Générale but stopped short of charging him with fraud. Shares in the French bank took a battering as allegations emerged that a board member was guilty of insider trading related to the scandal.
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/ 28 January 2008
Asian and European stock markets fell sharply again on Monday as investors worried about possible recession and a forthcoming interest-rate call in the United States, analysts said. The Paris market fell amid anxiety and tension after an alleged -billion fraud was unearthed last week at French bank Société Générale.