€5bn rogue trader now on the run
Jerome Kerviel, the most spectacular rogue trader in financial history, was declared officially "on the run" last night after refusing to step across the Italian-French border.
Mr Kerviel (36) was due to surrender to the French authorities to start a three-year prison sentence after walking hundreds of miles through Italy in a "march of hope against the markets".
Instead, he held a series of press conferences in a car-park at Ventimiglia, a few yards from the French border, and demanded a meeting with President Francois Hollande to explain why his trial and two appeals had been "unfairly" loaded.
The "affaire Kerviel" exploded in early 2008 when the relatively junior trader was found to have made vast, one-way trades on the direction of European stock markets.
For almost two years, Kerviel made large gains. In early 2008, the extent of his colossal exposure was discovered and Société Générale unscrambled his positions, reporting a total loss of €4.9bn.
Independent News Service