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French trader to stand trial over Societe Generale losses

Jerome Kerviel is blamed for losing $7 billion for the bank in unauthorized transactions. The scandal broke in January 2008.

September 01, 2009|Associated Press

PARIS — French judges have ordered ex-Societe Generale trader Jerome Kerviel to stand trial over transactions that cost the bank billions of dollars, a judicial official said.

Kerviel is charged with forgery, breach of trust and unauthorized computer use.

Investigating judges sent the case to trial in Paris on Monday, according to the official.

The trial is not expected to begin until early 2010.

In January 2008, the bank announced losses of more than $7 billion in a scandal it blamed on unauthorized trades by a single trader, Kerviel.

Kerviel has said that his superiors were aware of his risky transactions but looked the other way while he was earning money for the bank, intervening only when he started to lose.

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