Rogue French Trader Accused of Hacking
 

A young trader blamed for losses that cost France's Societe Generale more than $7 billion hacked computers and used "several techniques of fraud," the bank said Sunday, as judicial officials said the man would remain in custody a further 24 hours.

In a five-page document, Societe Generale also sought to counter the notion that it had disrupted markets by unwinding the massive positions built up the 31-year-old trader. The bank took three days last week to sell off the contracts on the Eurostoxx, DAX and FTSE indices, but said that it had done so in a "controlled" way.

French judicial officials, speaking on condition of anonymity Other Top Headlines Photos Rogue French Trader Accused of Hacking 159 because the investigation is continuing, said Jerome Kerviel can be held until Monday afternoon. Kerviel was taken into custody on Saturday.

Under French law, after 48 hours in custody, he must either be released or handed preliminary charges.

By PIERRE-ANTOINE SOUCHARD

well that's currently the version of the ceo of the "societe generale"
Also (imo) it could be an operation to take control of the bank.
The strange thing is that there is several version of what happened on french tv.
So it is hard to understand.

It's a BS story.

It was an obscure trader, not a star. He got only EUR100,000 pay, i can't believe he ever handled $70 billion worth of futures contracts.

BTW, bank management is responsible for the $7B losses, Societe Generale bankers liquidated their contracts at the worst moment possible, during a market crash.

but if they didn't they would go in jail too...