Rogue French trader 'feels betrayed'

11th February 2008, Comments 0 comments

Jerome Kerviel's lawyer said that his client feels betrayed by his detention

   PARIS, February 11, 2008 - The lawyer of Jerome Kerviel, accused by
Societe Generale of carrying out rogue trades that cost it 4.82 billion euros
(7.1 billion dollars) in losses, said Monday he feels betrayed by his
   "He feels betrayed. Betrayed because from the first day he has respected
the bail terms to the letter," Kerviel's lawyer Elisabeth Meyer was quoted as
saying in Le Figaro.
   A Paris appeals court on Friday backed a prosecution demand that the
31-year-old Kerviel be held in custody, revoking bail set by a lower court.
   Meyer has said she plans to appeal on Monday the decision to hold Kerviel
in custody while the investigation into what Societe Generale says were
unauthorised trades worth at least 50 billion euros, more than the leading
French bank's own capital.
   He faces charges however of breach of trust, fabricating documents and
illegally accessing computers.
   Asked about Societe Generale's five-day investigation into the activities
of Kerviel, whom it branded a "terrorist" when it revealed the losses it
suffered on January 24, Meyer said "you don't take justice into your own
   "It seems to me when you have doubts as serious as those put forth by
Societe Generale you file charges right away," she added.
   She said theories that Kerviel had an accomplice, which prosecutors
advanced to urge he be held in custody, had "evaporated".
   A trader who worked for a Societe Generale subsidiary, Fimat, was released
after questioning on Saturday. He has been designated an assisted witness, a
French legal term halfway between a witness and being charged, and faces
additional questioning.


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