French rogue trader Kerviel guilty of breach of trust

5th October 2010, Comments 0 comments

A French court Tuesday found former Societe Generale trader Jerome Kerviel guilty of breach of trust, the first part of its ruling at his fraud trial in which he faces four years in jail.

Defence evidence heard in his trial in June "does not allow us to deduce that Societe Generale was aware of Jerome Kerviel's fraudulent activities," presiding judge Dominique Pauthe told the court.

Kerviel also stands charged with forgery and entering false data into computers.

The affair almost brought down Societe Generale, one of Europe's biggest banks, which says it lost nearly five million euros (7.1 billion dollars at the time) due to his covert stock trades.

© 2010 AFP

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