Tuesday, September 1, 2009

Societe Generale Trader to Face Trial in 2010

CNN.com reports that French trader, Jerome Kerviel will face charges including forgery, breach of trust, and introducing fraudulent data into the bank's data system, Societe Generale lawyer Jean Veil told CNN. He faces a penalty of up to five years in prison and a fine of up to €375,000 euros ($538,000), Veil said. The bank also will ask that Kerviel reimburse them for almost 5 billion euros ($7.1 billion), "which probably he will not pay," Veil said.

The trial is expected to start in the first half of 2010, perhaps in May or June, Veil said. It will take place at the Tribunal de Grande Instance in Paris, he said.

Trader faces trial over alleged $7B fraud

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