Societe Generale trader charged and released

Investigating judges filed preliminary charges today against Jerome Kerviel, the bank trader accused in a €4.9bn fraud case against Societe Generale, France’s second-largest bank, his lawyer said.

He was released from custody while the investigation continues.

The preliminary charges were for “breach of trust” and unauthorised computer activity, said Kerviel’s lawyer, Christian Charriere-Bournazel.

The lawyer also said Kerviel had been released, but not did not disclose his whereabouts.

The lawyer said Kerviel would be subject to "very minor" monitoring by authorities, though he did not elaborate.

The prosecutor had asked earlier today for charges on two other counts as well: attempted fraud and forgery. The investigating judges did not pursue those, the lawyer said, without elaborating.

Elisabeth Meyer, another of Kerviel’s defence lawyers, praised the decision, saying: “We have a victory.”

If convicted, Kerviel could face up to seven years in prison with a hefty fine.

Under French law, filing preliminary charges means an investigating magistrate has determined there is strong evidence to suggest involvement in a crime.

It gives the investigator time to pursue the probe before deciding whether to send the suspect for trial or drop the case.