French Bank Got Red Flag On Kerviel: Report

Law360, New York (January 28, 2008, 12:00 AM EST) -- A French prosecutor reportedly said that Societe Generale had been warned about Jerome Kerviel, the trader who the bank says made unauthorized bets on European futures markets that cost it more than $7 billion.

The BBC reported Tuesday that Kerviel, 31, had been released from custody and remained under investigation for breach of trust, falsifying documents and breaching computer security, but not the weightier charge of fraud that Societe Generale had been hoping for.

A Paris prosecutor said that Societe Generale received a warning “late last...
To view the full article, register now.