Societe Generale: Rogue Trader Jerome Kerviel Acted Alone in $7 Billion Fraud Scheme

Published January 13, 2015

Investigators in a $7 billion fraud at French bank Societe Generale said Wednesday that the only trader implicated in the scandal acted alone.

Investigators also said Wednesday they found no evidence that there were any personal monetary gains made through the allegedly unauthorized positions taken by futures trader Jerome Kerviel.

In an interim report, internal investigators at France's second-largest bank said procedures were followed correctly but they failed to stop Kerviel, 31, who is accused of carrying out trades that forced the bank to mop up almost 5 billion euros ($7.33 billion) in losses.

URL

https://www.foxnews.com/story/societe-generale-rogue-trader-jerome-kerviel-acted-alone-in-7-billion-fraud-scheme