By Prensa Latina
Paris, : Jerome Kerviel, the front in the fraud that shook the French bank Societe Generale, is just the tip of the iceberg, as the investigation is still underway.
Kerviel caused the French bank to lose 4.9 billion euros when he took unauthorized bets. However, his lawyers said he acted in good faith and was not seeking personal benefits.
The investigation has taken a new course, and Bank President Daniel Bouton and Board of Directors member Robert A. Day are on target.
According to France’s FMA (French Market Authority), Day, who had already sold Societe Generale’s shares worth dozens of millions of euros on January 9, also sold 40.5 million euros in shares on January 18.
Apparently, he sold the shares at 90.04 euros each when fraud suspicions were mounting, the FMA explained.
Economy and Finance Minister Christine Lagarde said on Tuesday that she is preparing a detailed report for the president.
For his part, President Nicolas Sarkozy warned on Monday that those responsible for such a big scandal could not remain unpunished, making it clear that he will not be content with Kerviel as the only defendant.
On Monday, some 100 Societe Generale stockholders filed a lawsuit against the bank for manipulating prices and privileged information.