Reply #32: France's rogue trader freed after escaping fraud charges

[Robbien]

Accused French rogue trader Jerome Kerviel walked free after judges placed him under formal investigation Monday but stopped short of charging him with fraud. Shares in the French bank took a battering as allegations emerged that a board member was guilty of insider trading related to the scandal.

Kerviel was freed on bail after being placed under formal investigation for "breach of trust", "falsifying and using falsified documents," and "breaching IT procedures".

. . .

Kerviel had held positions worth about 50 billion euros (73 billion dollars) when irregularities were first detected -- well in excess of the bank's market value of 35.9 billion euros

http://www.macaudailytimesnews.com/index.php?option=com_content&task=view&id=6254&Itemid=33

One trader had positions whose values were twice as much as the bank was worth, and this low level trader was acting on his own? No one else knew?