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Jerome Kerviel

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WORLD
June 9, 2010 | By Devorah Lauter, Los Angeles Times
Is Jerome Kerviel, the young trader who lost billions of dollars for France's Societe Generale bank, a criminal? Or merely the product of a system that encouraged risky bets when the market was at its hottest — and helped create the subsequent global meltdown? Kerviel, 33, went on trial Tuesday on charges of forgery, breach of trust and unauthorized use of a computer. If found guilty, he could serve five years in prison and be fined $450,000. His former employer, a civil party to the criminal case, is asking for $6.6 billion — the amount Kerviel's bets lost before Societe Generale shut him down in January 2008.
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BUSINESS
September 16, 2011 | Times staff and wires
LONDON — Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Police in London said they arrested a 31-year-old UBS trader, Kweku Adoboli, in the alleged fraud. UBS declined to confirm his name. Switzerland's largest bank warned that it could report a loss for the entire third quarter as a result of the rogue trade. The case evoked memories of the $1.3 billion loss by Nick Leeson in 1995 that caused the collapse of Barings Investment Bank, and Jerome Kerviel, the trader who caused the French Societe Generale bank a $6.7-billion loss in 2008.
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WORLD
January 27, 2008 | From Times Wire Reports
Police questioned the trader blamed in a massive fraud that cost France's Societe Generale bank more than $7 billion. What may have motivated Jerome Kerviel, 31, remained a mystery, and the bank said it appeared that he made no personal gain from the unauthorized trades. Judicial officials said Kerviel was taken into custody two days after Societe Generale said he was responsible for one of history's biggest bank frauds.
WORLD
October 6, 2010 | By Devorah Lauter, Los Angeles Times
He's a $6-billion man. More precisely, a 4,915,610,154-euro man ? about $6.8 billion and change. A French court Tuesday sentenced Jerome Kerviel, Societe Generale's "rogue trader," to five years in prison, suspended two of the years, and slapped him with a monumental bill. It ordered him to pay back the amount the bank says he lost by recklessly trading with its money in late 2007 and early 2008. One French news organization, RTL, calculated the restitution at one-ninth of the entire amount the French government pumped into banks to prevent them from collapsing in the global economic meltdown.
BUSINESS
May 28, 2008 | From Times Wire Services
French bank Societe Generale fired an assistant to former trader Jerome Kerviel after a report indicated that Kerviel may have had assistance in amassing $78 billion in unauthorized futures positions. Thomas Mougard, 23, was fired for "professional misconduct," his lawyer said. Without naming Mougard, Societe Generale said in a report last week that as many as 15% of Kerviel's questionable trades were registered by his assistant.
BUSINESS
January 31, 2008 | From Times Wire Services
Societe Generale fought off political pressure to fire its chairman, but the French bank failed to quash persistent takeover speculation. The bank's board also said it had set up a committee of independent directors to ensure that the cause and size of its rogue trading losses were fully accounted for. The bank has been in turmoil since revealing $7.3 billion of losses, which it blames on rogue share trades by a junior employee, Jerome Kerviel....
BUSINESS
February 7, 2008 | From Times Wire Services
The Securities and Exchange Commission is examining whether French bank Societe Generale broke U.S. laws while unwinding and revealing 4.9 billion euros ($7.2 billion) in losses allegedly incurred by a trader's unauthorized bets, the Financial Times reported. The inquiry, which is in a preliminary stage, may find that the matter is best left to French authorities because the incident doesn't primarily involve the U.S., the newspaper said, citing unidentified people familiar with the matter.
BUSINESS
March 19, 2008 | From Reuters
Jerome Kerviel, the Frenchman blamed by his company for the world's biggest rogue trading scandal, left jail Tuesday after winning a legal battle against detention. Kerviel, 31, walked free from the Sante prison in Paris after five weeks in custody while investigators continue to probe heavy losses at French bank Societe Generale. Under the terms of his conditional release, there are strict limits on his movements and contacts. Societe Generale unveiled 4.9 billion euros ($7.64 billion)
BUSINESS
May 24, 2008 | From the Associated Press
Investigators at Societe Generale said Friday that they suspected a former futures trader had help as he tried to cover up unauthorized positions that led to billions of dollars in losses at the French bank. In two long-awaited reports, the investigators said the bank's management failures and culture of risk-taking were partly to blame for failing to uncover the alleged fraud, which led to a loss of more than $7 billion. "The trader's hierarchy, constituting the first level of control, proved deficient in the supervision of his activities," the board of directors said in a statement to shareholders that accompanied the reports.
BUSINESS
March 13, 2008 | From Reuters
Police arrested another employee of French bank Societe Generale on Wednesday as they investigated the world's biggest rogue trading scandal. The arrest came as a U.S.-based law firm said it had filed a class-action lawsuit against SocGen, alleging the French bank misled investors about its exposure in the sub-prime mortgage markets and failed to act on information about trades by Jerome Kerviel. In January, SocGen unveiled 4.9 billion euros ($7.53 billion) of losses which it blamed on rogue deals carried out by Kerviel, 31, a junior trader at the bank.
WORLD
June 9, 2010 | By Devorah Lauter, Los Angeles Times
Is Jerome Kerviel, the young trader who lost billions of dollars for France's Societe Generale bank, a criminal? Or merely the product of a system that encouraged risky bets when the market was at its hottest — and helped create the subsequent global meltdown? Kerviel, 33, went on trial Tuesday on charges of forgery, breach of trust and unauthorized use of a computer. If found guilty, he could serve five years in prison and be fined $450,000. His former employer, a civil party to the criminal case, is asking for $6.6 billion — the amount Kerviel's bets lost before Societe Generale shut him down in January 2008.
BUSINESS
May 28, 2008 | From Times Wire Services
French bank Societe Generale fired an assistant to former trader Jerome Kerviel after a report indicated that Kerviel may have had assistance in amassing $78 billion in unauthorized futures positions. Thomas Mougard, 23, was fired for "professional misconduct," his lawyer said. Without naming Mougard, Societe Generale said in a report last week that as many as 15% of Kerviel's questionable trades were registered by his assistant.
BUSINESS
May 24, 2008 | From the Associated Press
Investigators at Societe Generale said Friday that they suspected a former futures trader had help as he tried to cover up unauthorized positions that led to billions of dollars in losses at the French bank. In two long-awaited reports, the investigators said the bank's management failures and culture of risk-taking were partly to blame for failing to uncover the alleged fraud, which led to a loss of more than $7 billion. "The trader's hierarchy, constituting the first level of control, proved deficient in the supervision of his activities," the board of directors said in a statement to shareholders that accompanied the reports.
BUSINESS
March 19, 2008 | From Reuters
Jerome Kerviel, the Frenchman blamed by his company for the world's biggest rogue trading scandal, left jail Tuesday after winning a legal battle against detention. Kerviel, 31, walked free from the Sante prison in Paris after five weeks in custody while investigators continue to probe heavy losses at French bank Societe Generale. Under the terms of his conditional release, there are strict limits on his movements and contacts. Societe Generale unveiled 4.9 billion euros ($7.64 billion)
BUSINESS
March 13, 2008 | From Reuters
Police arrested another employee of French bank Societe Generale on Wednesday as they investigated the world's biggest rogue trading scandal. The arrest came as a U.S.-based law firm said it had filed a class-action lawsuit against SocGen, alleging the French bank misled investors about its exposure in the sub-prime mortgage markets and failed to act on information about trades by Jerome Kerviel. In January, SocGen unveiled 4.9 billion euros ($7.53 billion) of losses which it blamed on rogue deals carried out by Kerviel, 31, a junior trader at the bank.
BUSINESS
February 7, 2008 | From Times Wire Services
The Securities and Exchange Commission is examining whether French bank Societe Generale broke U.S. laws while unwinding and revealing 4.9 billion euros ($7.2 billion) in losses allegedly incurred by a trader's unauthorized bets, the Financial Times reported. The inquiry, which is in a preliminary stage, may find that the matter is best left to French authorities because the incident doesn't primarily involve the U.S., the newspaper said, citing unidentified people familiar with the matter.
BUSINESS
September 16, 2011 | Times staff and wires
LONDON — Swiss banking giant UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, stunning a beleaguered banking industry that has proven vulnerable to unauthorized trades. Police in London said they arrested a 31-year-old UBS trader, Kweku Adoboli, in the alleged fraud. UBS declined to confirm his name. Switzerland's largest bank warned that it could report a loss for the entire third quarter as a result of the rogue trade. The case evoked memories of the $1.3 billion loss by Nick Leeson in 1995 that caused the collapse of Barings Investment Bank, and Jerome Kerviel, the trader who caused the French Societe Generale bank a $6.7-billion loss in 2008.
BUSINESS
January 29, 2008 | Geraldine Baum and Martin Zimmerman, Times Staff Writers
Executives at French bank Societe Generale were warned about risky bets being made by rogue trader Jerome Kerviel two months ago, but Kerviel was able to quell suspicions by giving false information, authorities said Monday. Internal bank audits also flagged Kerviel's actions, "but each time he managed to explain them," prosecutor Jean Claude Marin said. Kerviel, he added, thought bank officials didn't probe too deeply because he was pulling in profits for the financial institution.
BUSINESS
January 31, 2008 | From Times Wire Services
Societe Generale fought off political pressure to fire its chairman, but the French bank failed to quash persistent takeover speculation. The bank's board also said it had set up a committee of independent directors to ensure that the cause and size of its rogue trading losses were fully accounted for. The bank has been in turmoil since revealing $7.3 billion of losses, which it blames on rogue share trades by a junior employee, Jerome Kerviel....
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