Jerome Kerviel, the rogue trader who lost billions of dollars at French bank Societe General in 2008, went on trial this week in Paris.
Kerviel was charged with unauthorized use of systems, forgery, and breach of fiduciary duties as an employee of Societe General. His key claim is reportedly that his employer knew of his trades, as he disclosed in a book he published prior to trial.
The bank has stated that it upgraded its compliance and controls systems after an investigation by the French authorities following the incident in 2008.
Kerviel was charged with unauthorized use of systems, forgery, and breach of fiduciary duties as an employee of Societe General. His key claim is reportedly that his employer knew of his trades, as he disclosed in a book he published prior to trial.
The bank has stated that it upgraded its compliance and controls systems after an investigation by the French authorities following the incident in 2008.
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