Is Jerome Kerviel being framed ?
It seems highly improbable that a Junior trader who joined the bank in 2000 had caused such a massive fraud in the banking history , acting alone.
When it seems that Jerome has not personally benefited by the fraud then why would he go all the length to cover it up.
It seems to me that he is being framed by someone smarter higher up .
It is very strange that so far no details have come out as to how he exactly caused the fraud and how he did it acting alone.
Where all the other traders and their bosses in Soc Gen sleeping in duty for the past few months when all this fraud was happening . It is high time some serious questions are raised as to what really happened and who is the real culprit.
Best Answer
3943 points
MNSL answered one year ago …
Please see following website. According to his lawyer he didn’t steal, take anything, he didn’t take any profit for him self. We have to wait and see.
http://www.dailymail.co.uk/pages/live/articles/news/worldnews.html?in_article_id=510610&in_page_id=1811
All day his lawyers had been arguing that the junior trader was being used as a scapegoat to cover Societe Generale's investment failures.
Rogue trader freed from custody as serious fraud charges dropped
By JULIE MOULT - More by this author » Last updated at 00:33am on 29th January 2008
Kerviel: He gambled with £3.7billion
Rogue trader Jerome Kerviel was dramatically freed from custody last night in a dramatic day of twists and turns which saw the serious charge of attempted fraud against him being dropped.
In the space of two hours last night, 31-year-old Kerviel went from facing a hefty seven years in prison for the biggest bank fraud in history to a maximum of three years for relatively minor offences.
It was unclear what brought about the dramatic change in attitude but earlier in the day, it emerged Kerviel - accused of covering up losses of £3.7 billion - had told investigating officers that he was simply doing his job and at worst could only be accused of trying to boost his career.
His legal team were last night jubilant as their client was released on bail and allowed to go to a secret location.
He now faces charges of breach of trust, forgery and falsifying computer records.
All day his lawyers had been arguing that the junior trader was being used as a scapegoat to cover Societe Generale's investment failures.
Elisabeth Meyer, Kerviel's lawyer, described his release as "a great victory" adding: "It's only justice being done".
Her colleague Christian Charriere-Bournazel, added that prosecutors asked for "too much, with too much haste."
Prosecutors were last night arguing that he should be returned to custody in case he flees.
It is unclear whether he may be charged with fraud at a later date as the complex investigation continues.
Earlier yesterday prosecutors had indicated they were charging him with attempted fraud which carries a much heavier penalty.
But his lawyers immediately began a robust defence of his activities saying he had not personally profited from his dealings and his intention was only to raise his profile in the cut-throat world of banking.
And they dropped the bombshell that other traders broke the rules too, hinting that their client's reckless practices were more widespread in the industry than realised.
"He has not embezzled anyone, he hasn't taken a cent for himself and he was just doing his job as best he could," said his lawyer Christian Charriere-Bournazel.
The development came as it emerged that alarm bells began ringing about Kerviel's catastrophic dealing on behalf of France's second largest bank, back in November.
Public prosecutor Jean-Claude Marin told how a derivatives exchange queried his activities three months ago.
But when questioned by his boss, Kerviel produced a fake document which put them off the scent.
Mr Marin - who described Kerviel as an "exceptional trader" during a press conference in Paris – said yesterday: "Eurex alerted Societe Generale in November 2007 about the positions taken by Jerome Kerviel.
"Questioned by the bank, he produced a fake document to justify the risk cover."
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