Former SocGen trader Jérôme Kerviel was today sentenced to five years in prison for the rogue activities which cost the French bank €4.9bn. Here is a recap of what the bank calls 'an exceptional fraud'.
Aug 2000: Jérôme Kerviel begins working at Société Générale after leaving university. He starts out on the compliance department, learning about the bank's processing and control procedures. Jan 2005: Kerviel becomes a trader in the arbitrage department, trading European stock futures beyond bank limits. 18 Jan 2008: Kerviel's trading activities are deemed 'suspicious' by Société Générale and an investigative team is formed to scrutinise Kerviel's counterparties. 19 January 2008: Société Générale claims Kerviel has admitted to 'unauthorised acts' and created fictitious trades. 2...
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