First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

Ex-trader Kerviel found guilty of breach of trust

Defend Truth

Ex-trader Kerviel found guilty of breach of trust

Former Société Générale bank trader Jérôme Kerviel was found guilty of breach of trust in Paris on Monday, for his role in a trading scandal that cost the bank €5 billion. Kerviel stands accused of betting more than €50 billion of the bank's money without the bank's knowledge. The counsel for the defence argued that the bank knew about Kerviel's trading and condoned it as long as he was making money. The judges held that Kerviel had not been given even tacit authorisation from his bosses to speculate excessively and that SocGen's own shortcomings did not exonerate him from his duties as a professional trader. The verdict on the other charges, which are forgery and unauthorised computer use, has yet to be heard. Kerviel could be facing up to five years in prison.  Read more: Reuters and BBC News

Gallery

Please peer review 3 community comments before your comment can be posted