Feeds

Rogue trader's apprentice under investigation

'Complicit' in €4.9bn SocGen fraud

Top 5 reasons to deploy VMware with Tegile

The assistant of rogue trader Jerome Kerviel is being investigated for complicity in his former boss' trading scandal that cost one of France's largest banks billions of euros.

Thomas Mougard was charged Friday as an "assisted witness," in the case — a legal status for witnesses who may be implicated themselves.

He is accused of "knowingly helping Jerome Kerviel to record fictitious operations" at the bank in 2007 and early 2008. The filing gives officials times to investigate and later decide to drop charges or go trial.

The French bank Société Générale said it lost a staggering €4.9bn (£3.9bn, $7.6bn) when Kerviel manipulated the bank's trading systems to cover risky and unauthorized positions in the derivatives market.

Investigators have already filed preliminary charges against Kerviel for forgery, breach of trust and illegally accessing the bank's computers.

An internal investigation by SocGen released to the public in May said it found "signs of internal complicity" by Mougard.

Kerviel admits to gaming the system, but claims his managers knew of his dealings and never stopped him so long as he was making money for the bank. His lawyers assert that SocGen was in fact responsible for the colossal losses after higher-ups "took the decision to unwind Mr. Kerviel's positions as shares were tumbling on the world's markets in January."

Kerviel is presently free on bail pending trial. In April, he scored himself a new IT job as a computer consultant after the judge in his case changed the condition of his release so he could take the post. ®

Beginner's guide to SSL certificates

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.