French trader testifies he was 'encouraged' to take risks

8th June 2010, Comments 0 comments

French trader Jerome Kerviel testified on Tuesday that he was "encouraged" by his bosses to take risks, on the first day of his trial over a multi-billion-euro trading scandal at Societe Generale.

"The daily encouragement from my superiors encouraged me to continue," the 33-year-old told a Paris court.

The former trader is accused of gambling away 4.9 billion euros (six billion dollars) in risky stock market trades and of hiding these actions from his employers at Societe Generale.

He risks a maximum sentence of five years in prison and a fine of 375,000 euros if convicted on charges of breach of trust, falsifying and using fake documents and entering false data into company computers.

© 2010 AFP

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