French trader Kerviel under 24-hour police protection

5th February 2008, Comments 0 comments

Jerome Kerviel has been given round-the-clock police protection as judges investigate his role in the multi-billion euro rogue trade scandal at Societe Generale

   PARIS, Febraury 5, 2008 - French trader Jerome Kerviel has been given
round-the-clock police protection as judges investigate his role in the
multi-billion euro rogue trade scandal at Societe Generale, police said Monday.
   The 31-year-old Kerviel was given 24-hour protection following a special
request from the finance ministry, officials said.
   Societe Generale accuses Kerviel of causing it losses of 4.8 billion euros
(7.1 billion dollars), by placing more than 50 billion euros in unauthorised
futures trades, discovered on January 20.
   Kerviel was charged last week with breach of trust, using false documents
and unauthorised computer access in relation to the losses at Societe
Generale, but judges did not approve the more serious charge of fraud.
   Societe Generale maintains that Kerviel managed to circumvent internal
controls by using stolen computer access codes and fictitious documents.
   The trader, who lives in the chic Paris suburb of Neuilly, was released
from custody but kept under judicial supervision during the investigation.
   Kerviel was propelled to worldwide notoriety overnight by his role in the
biggest rogue trade scandal in history.
   One of his lawyers said last week he was "completely crushed" by the media
storm surrounding the case.

AFP 

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