PARIS, (Reuters) – Jerome Kerviel, the French former trader blamed by Societe Generale for close to 5 billion euros ($7.2 billion) in losses, was ordered to stand trial yesterday, his lawyer Olivier Metzner told Reuters.
Kerviel, 32, has been under investigation since SocGen unveiled in January 2008 staggering losses which it said were caused by unauthorised deals carried out by Kerviel, then a junior trader at the bank. Metzner, who took over Kerviel’s defence in March after the ex-financier sacked most of his previous legal team, said Kerviel had been charged with fraud and breach of trust, amongst other things.
The formal decision by an examining magistrate to order Kerviel to stand trial was widely expected after prosecutors had recommended on June 25 a series of charges against him.
The charges carry a maximum penalty of five years in jail and 375,000 euros in fines.
