Paris prosecutor admits SocGen 'entirely manipulated' case against trader Kerviel

By

New and compelling evidence has emerged to suggest that the conviction of the Société Générale’s so-called ‘rogue trader’ Jérôme Kerviel, who was jailed for his actions that were estimated to have cost the bank 4.9 billion euros, is unsound and was reached after a botched and biased investigation steered by the bank, Mediapart can reveal. The latter claimed that Kerviel’s superiors knew nothing of his reckless trades. But in a secretly-taped conversation, a senior magistrate with the Paris public prosecutor’s office involved in the case says the police officer in charge of the investigation was “entirely manipulated” by the bank, and that it was “obvious” that “the Société Générale knew” what its trader was doing. Martine Orange reports.

Reading articles is for subscribers only. Subscribe now.

In January 2008, French bank Société Générale announced it had lost 4.9 billion euros through the reckless actions of one of its traders, Jérôme Kerviel who, it claimed, secretly gambled fortunes on high risk trades on his own and without the knowledge of his superiors.