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16 April 2024

Court frees SocGen trader Kerviel pending probe

By Agencies


A Paris court ruled on Tuesday that Jerome Kerviel, the trader accused of causing record losses at French bank Societe Generale, could leave prison pending investigation, lawyers attending the court session said.

In January, SocGen unveiled $7.73 billion of losses which it said were caused by rogue deals carried out by Kerviel, who had a junior trading position at the bank.

Kerviel has been placed under formal investigation for breach of trust, computer abuse and falsification.  (Reuters)