Another SocGen Trader Taken Into Custody
Legal World
Another trader at Societe Generale was taken in for questioning Wednesday after investigators searched the French bank's offices in connection with a multibillion dollar trading scandal, judicial officials and the bank said.
Investigators are trying to determine whether Jerome Kerviel -- the trader blamed by SocGen for unauthorized trades that cost it nearly $7 billion -- had accomplices, judicial officials said. They spoke on condition of anonymity because the investigation is ongoing.
Societe Generale spokeswoman Laura Schalk confirmed that investigators searched its offices on Wednesday, taking some records and detaining the employee, whose name she declined to provide. She called the search part of "normal proceedings" in the probe.
Christophe Reille, a spokesman for Kerviel, declined to comment.
A French court is scheduled to rule Friday on whether Kerviel should be freed from a Paris prison during the investigation. Investigators have said they want to prevent him from speaking with any possible accomplices.
Kerviel says he acted alone, but that his bosses must have been aware of his massive risk-taking, and turned a blind eye as long as he was making money for the bank. Investigators are searching for others who could have known about, or participated in, what the bank says was Kerviel's unauthorized activity.
A preliminary internal probe by Societe Generale found no evidence that anyone helped Kerviel hide his positions. The report did say bank officials failed to follow up on 74 warnings about questionable trades, uncovering Kerviel's positions only on the 75th.
Kerviel's lawyer Guillaume Selnet told The Associated Press last week he will be asking why the alerts "didn't provoke any reaction."
Societe Generale says Kerviel forged documents and e-mails to suggest he had hedged his positions.
The bank reported a trading loss of nearly 4.9 billion euros ($7.58 billion) on Jan. 24 from liquidating 50 billion euros ($73 billion) in unauthorized futures positions Kerviel had taken.
Related listings
-
Thaksin Pleads Not Guilty in Thai Court
Legal World 03/12/2008Ousted Thai Prime Minister Thaksin Shinawatra pleaded not guilty Wednesday before the Supreme Court in one of two criminal corruption cases against him.More than 200 policemen with bomb detectors and five sniffer dogs were deployed around the court w...
-
Philippine Court Acquits Imelda Marcos
Legal World 03/11/2008A Manila court Monday acquitted the flamboyant widow of late dictator Ferdinand Marcos of 32 counts of illegally transferring wealth abroad during her husband's 20-year rule.The decision by Judge Silvino Pampilo Jr. of the Manila Regional Trial Court...
-
Court Complaint Lodged Over Thai Lottery
Legal World 03/11/2008An anti-corruption body set up to investigate the activities of ousted Prime Minister Thaksin Shinawatra's government filed a court complaint against him, his former Cabinet and other officials Monday alleging abuse of power in implementing a governm...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .