Nov. 10 (Bloomberg) -- Jerome Kerviel, blamed by Societe Generale SA for a 4.9 billion-euro ($7.36 billion) trading loss, was ordered by a Paris court to stand trial on charges he falsified documents and hacked into computers.

France’s highest appeals court rejected a request by Kerviel to delay the trial in order to collect more evidence, lawyers for Societe Generale and Kerviel said. The court ruled that the board overseeing criminal investigations had the authority to refuse a request to reopen the probe.

“It was a technicality, it was a bit artificial” to challenge the board’s decision, said Stephane Bonifassi, a Paris white-collar criminal lawyer not involved in the matter.

The ruling by the Cour de Cassation ends Kerviel’s effort to avoid trial by faulting the bank for not stopping him earlier. Kerviel built up about 50 billion euros in unauthorized bets and disguised them with fake hedges. He said the bank knew about what he was doing. Societe Generale announced the trading loss, the largest in banking history, in January 2008.

“The decision is unfounded. They agree to everything that Societe Generale asks for, and refuse everything Kerviel requests,” said Olivier Metzner, a lawyer for the former trader.

Bogus Trades

Fragmented internal controls facilitated Kerviel’s actions, according to a May 2008 investigation report commissioned by the bank’s board. His bosses missed at least 1,071 bogus trades, as well as clues in the level of his gains, cash flows, brokerage expenses, and outside queries about his actions.

“The court decision confirmed that Mr. Kerviel has looked for any ploy to delay his trial, but without success,” said Jean Veil, a lawyer for Societe Generale, in a telephone interview. Veil said he expects a trial before next summer.

Judges Renaud Van Ruymbeke and Francoise Desset, who led the criminal probe, in September ordered Kerviel to stand trial on charges of abuse of trust, falsifying documents and hacking into the bank’s computers. They said they found no evidence Kerviel had profited from his deeds.

Kerviel, 32, faces as many as five years in prison and a 375,000-euro fine if found guilty.

Kerviel’s lawyers said last month they would take the case to the European Court of Human Rights and claim the former trader’s right to a fair trial was violated. The court rules require applicants to first exhaust all national legal recourses, meaning the criminal trial and any appeals must come first, Metzner said.

To contact the reporter on this story: Heather Smith in Paris at hsmith26@bloomberg.net

Last Updated: November 10, 2009 12:21 EST