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Appeal hearing in SocGen trader fraud case
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The appeal of Jerome Kerviel, the former Societe Generale trader is heard.
Kerviel appeals against the prison sentence for his role in a trade fraud scandal, which caused a trading loss of €4.9 billion at Societe General. He claims that the audio recordings used as evidence in his trial were tempered with and plans to sue the bank for manipulation of evidence.
Kerviel already sued Societe Generale before for obtaining a verdict under false pretenses.
Societe Generale in return sues Kerviel for false accusations.
Kerviel appeals against the prison sentence for his role in a trade fraud scandal, which caused a trading loss of €4.9 billion at Societe General. He claims that the audio recordings used as evidence in his trial were tempered with and plans to sue the bank for manipulation of evidence.
Kerviel already sued Societe Generale before for obtaining a verdict under false pretenses.
Societe Generale in return sues Kerviel for false accusations.
"The purpose of [Jerome Kerviel's] strategy is to tarnish the bank’s image by taking out of context evidence available during the trial and put forward by the bank in complete transparency, or by presenting it as new evidence, and which contributes nothing to the basis of the case," Societe Generale stated.
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