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Ex-SocGen trader Kerviel to stand trial in June

A Paris court says former Societe Generale trader Jerome Kerviel is expected to stand trial in June on charges connected to a multibillion-euro (-dollar) trading scandal.
/ Source: The Associated Press

A Paris court says former Societe Generale trader Jerome Kerviel is expected to stand trial in June on charges connected to a multibillion-euro (-dollar) trading scandal.

The court said Wednesday the exact dates of the three-week trial will be set in February.

Societe Generale accused Kerviel of betting tens of billions of euros of the bank's money without permission, which led to almost (EURO)5 billion (more than $7 billion) in losses once the bank unwound his positions in January 2008.

Kerviel argues his superiors knew about his risky transactions. Societe Generale says he acted alone.

Kerviel was charged with forgery, breach of trust and unauthorized computer use. He faces up to five years in prison and (EURO)375,000 ($538,000) in fines, if convicted.