Keyword: Jérôme Kerviel
Key witness who was never heard points to the proof that Société Générale trader Jérôme Kerviel did not act alone
Société Générale employee Jérôme Kerviel met with worldwide notoriety as the so-called 'rogue trader' who lost the bank almost 5 billion euros in reckless trading bets in 2007. He was sentenced to five years in prison – two of them suspended - and a staggering fine of 4.9 billion euros, a sentence upheld after he lost an appeal in October 2012. The bank has consistently claimed that Kerviel acted alone and kept his high-risk bets secret from his superiors. But in this interview with Mediapart, a key witness to Kerviel's appeal case, but who was never called to testify, explains why Kerviel's activities were necessarily known to the bank, which at best turned a blind eye. What's more, he tells Martine Orange, the concrete proof of this is still available in logged and stored data - but not for long.
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.
Former Société Générale trader Jerôme Kerviel, accused of losing the bank almost 5 billion euros, loses appeal against a three-year prison sentence.
A Paris court hears appeal by former Société Générale bank 'rogue trader' Jerome Kerviel against his 2010 sentence for causing losses of 5bln euros.