In 2010 the former Société Générale trader Jerôme Kerviel was convicted of forgery, breach of trust and unauthorised use of computers in relation to a series of trades that cost the bank up to 4.9 billion euros in January 2008. In October 2012 the ex-trader lost an appeal against his sentence of three years in jail with two more years suspended. The appeal court also confirmed that he must pay back the losses of 4.9 billion euros to Société Générale, though the bank has said it will not enforce this.
However, the story does not end there. On 4th July Kerviel, who does not deny making highly speculative trades but says his bosses knew what he was doing, will take his former employer to an industrial tribunal claiming he was unfairly dismissed and seeking 4.9 billion euros in damages – equal to the sum he is said to have lost the bank. And his lawyer has now made a formal complaint alleging forgery and use of false documents in relation to the affair. In particular the trader’s legal team has highlighted some curious discrepancies in the tape recordings made of Kerviel's questioning by his bank superiors when his huge losses were uncovered; recordings that formed the basis of his conviction. Mediapart's Martine Orange investigates.
The 'taped confession' of Société Générale trader Jérôme Kerviel: mystery of the missing minutes
In 2010 the former Société Générale employee was convicted in relation to a series of trades that cost the bank up to 4.9 billion euros. Last year the ex-trader lost an appeal against his three-year jail sentence. However, the saga continues. On 4th July Kerviel, who has always insisted his bosses knew what he was doing, will take his former employer to an industrial tribunal seeking 4.9 billion euros in damages – equal to the sum he is said to have lost the bank. His lawyer has meanwhile made a formal complaint alleging forgery and use of false documents. In particular the trader’s legal team has highlighted some curious discrepancies in the recordings made when Kerviel was questioned by his bank superiors as his huge losses became clear; recordings that went on to form the basis of the evidence that convicted him. Martine Orange investigates.
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