Rogue trader verdict due shortly

A French court is due to pass its verdict on rogue trader Jerome Kerviel who faces up to four years in prison for covert stock trades that Societe Generale bank says cost it almost five billion euros.

Former Societe Generale trader Jerome Kerviel was found guilty of breach of trust by a Paris court on Tuesday for his role in a trading scandal that cost the bank close to 5 billion euros ($7 billion).

The judges said that Kerviel had not been given even tacit authorization from his bosses to speculate excessively and that SocGen's own shortcomings did not exonerate him from his duties as a professional trader.

The judges also said Kerviel knew exactly what he was doing in overstepping his remit as a trader and that he sought to hide his trading positions.

($1=.7296 Euro)