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SocGen trader questioned for second day over fraud

The junior trader blamed for causing a $7 billion loss at French bank Societe Generale faced a second day of questioning on Sunday.

  • Agencies
  • Published: 18:42 January 27, 2008
  • Gulf News

Paris: The junior trader blamed for causing a $7 billion loss at French bank Societe Generale faced a second day of questioning on Sunday by finance police, who said he was cooperating with their inquiry.

Jerome Kerviel, 31, handed himself over to the authorities on Saturday, three days after SocGen unveiled the world's biggest investment banking fraud in history.

The bank blamed the massive loss on the lone and lowly dealer.

Police have an initial 24 hours to question Kerviel, but a judicial source said it was likely that prosecutors would extend that period by a further full day.

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