French rogue trader jailed
Jerome Kerviel will be placed behind bars while investigations continue
Also In The News
|
Republican candidate Mitt Romney has suspended his campaign to become the party's presidential nominee. |  |
Friday, 08, Feb 2008 06:23
A court has ordered that rogue French trader Jerome Kerviel should be held in jail while investigations into the huge losses at his bank Societe Generale continue.
The Paris prosecutor's office declared that Kerviel be put in jail because of the "necessities of the investigation" and the risk that he could flee the country.
The trader, 31, had been out on bail since January 28th.
His unauthorised deals on the European futures market cost French bank Societe Generale more than £3 billion.
Earlier, an employee of the brokerage firm Fimat was questioned by police over his possibly links to Kerviel.
The French daily newspaper La Monde claimed that Kerviel had conducted some of his trading through Fimat, owned by Societe Generale, and that police suspect some of its employees as having been aware of what was happening.
The paper reported that the Fimat broker had sent Kerviel a message saying: "You have done nothing illegal in terms of the law".
Kerviel currently faces preliminary charges of forgery, breach of trust and unauthorised computer activity.