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Thu 09 Sep 2008Former SocGen trader in court
JEROME KERVIEL, blamed by French bank Société Générale for the trading scandal that cost it billions of euro, appeared at a court hearing in Paris yesterday along with his former aide, Thomas Mougard.
SocGen unveiled losses of €4.9 billion last January, which it said were caused by unauthorised deals conducted by Mr Kerviel, who was a junior trader at the bank at the time. Mr Kerviel is under formal investigation for breach of trust, computer abuse and falsification, while Mr Mougard is under investigation for complicity in the affair.
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