2008 Société Générale trading loss on January 28, 2008 with abuse of confidence and illegal access to computers. He was released from custody a short time after. The charges filed carry a maximum three-year prison term. On January 29, 2008 investigating judges Renaud van Ryumbecke and Francoise Desset had rejected prosecutor Jean-Claude Marin's bid to charge Kerviel with the more serious crime of "attempted fraud" and refuse bail. Société Générale characterizes Kerviel as a rogue trader and claims Kerviel worked these trades alone, and without its authorization. Kerviel, in turn, told investigators that such practices are widespread and that getting a profit makes the hierarchy
Société Générale was at the centre of a financial scandal in 2009. The bank denied those accusations. January 2008: Trading loss incident (Kerviel Fraud) On January 24, 2008, the bank announced that a single futures trader at the bank had fraudulently lost the bank €4.9 billion (an equivalent of US$7.2 billion), the largest such loss in history. The company did not name the trader, but other sources identified him as Jérôme Kerviel, a relatively junior futures trader who allegedly orchestrated a series of bogus transactions that spiraled out of control amid turbulent markets in 2007 and early 2008. Partly due to the