Societe Generale trader in police custody
Societe Generale trader in police custody Website
Jerome Kerviel, trader blamed for a 7-billion-dollar fraud at French bank Societe Generale was taken into custody for police investigations in Paris Saturday. Kerviel arrived in a Renault car at the headquarters of the French finance police in southeast Paris at around 14:00 local time (13:00 GMT). Kerviel, 31, who allegedly cost France's second-largest bank Societe Generale 4.9 billion euros (7 billion U.S. dollars) in loss, was being held for questioning, police sources said. The detention followed a police search of Kerviel's apartment Friday night in Neuilly-sur-Seine, the western outskirts of Paris. On the same day, they also searched the headquarters of Societe Generale in La Defense, where they checked Kerviel's computer records. The trader had worked at Societe Generale in Paris since 2000. The prosecutor's office has opened a preliminary criminal investigation into the case after scores of shareholders lodged a suit against the bank for fraud and misconduct. Societe Generale will have to raise 5.5 billion euros (7.7 billion dollars) in emergency capital to shore up its ravaged balance sheet.