SocGen's Kerviel taken charge of by French police

Prison Bars

'I was in the system and I let myself get drawn into the system'.

Jerome Kerviel, the former Societe Generale trader facing prison for a record banking loss, was taken charge of by French police after prosecutors said his failure to turn himself in would have made him a fugitive.

Bloomberg News reports that more than six years after his unauthorized transactions were made public and after three trials in the case, Kerviel was held by police in Menton, near France’s border with Italy, to instruct him on his three-year jail sentence.

The 37-year-old, who earlier this year met with Pope Francis and had undertaken a walk between Rome and Paris, had been given until midnight yesterday to meet with the police.

Kerviel’s incarceration will mark the closing of one of the darkest chapters of French banking history. The unwinding of the former trader’s unauthorized bets of more than $68.5bn - exceeding the market value of the lender - resulted in a record loss of $6.72bn for the bank.

'I am ashamed to have been part of this system', Kerviel said this weekend in a Bloomberg Television interview over a four-kilometer walk between an Italian village called Latte, or Milk, and the border post along the Mediterranean coast, toward Menton. 'I was in the system and I let myself get drawn into the system'.

To access the complete Bloomberg article hit the link below:

SocGen Ex-Trader Kerviel Taken in by French Police

Ex-UBS Banker in Swaps Deal Arranged for Strippers, Utility Says

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News