Cybersecurity
Kerviel Court to Rule in 4.9 Billion-Euro SocGen Loss
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A judge has begun reading the verdict on whether Jerome Kerviel was responsible for a 4.9 billion-euro ($6.5 billion) trading loss at Societe Generale SA in 2008 in a Paris court.
Kerviel was charged with breach of trust, computer hacking and forgery after he amassed 50 billion euros in unauthorized bets on futures, using faked hedges to make it appear the risk was minimized. Prosecutors are seeking a guilty verdict and a sentence of four years in prison. The bank has asked its former trader, who was in the courtroom today, to repay the loss.