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SocGen trader Kerviel is jailed SocGen trader Kerviel is jailed
(10 minutes later)
A Paris court has ordered the Societe Generale trader Jerome Kerviel to be jailed while massive losses at the bank are being investigated. The Paris appeals court has ordered the Societe Generale trader Jerome Kerviel to be jailed while massive losses at the bank are being investigated.
The Paris prosecutor had argued the trader might abscond if he would be allowed to remain free. The court ruled that he should be detained because of the "necessities of the investigation" and the risk that he could flee the country.
Earlier, French media reported that an employee of the brokerage firm Fimat - owned by Societe Generale - had also been detained by French police. Earlier, an employee of the brokerage firm Fimat - owned by Societe Generale - was also detained by police.
The man was questioned about his links to Mr Kerviel.The man was questioned about his links to Mr Kerviel.
Fimat was a division of Societe Generale, which was recently merged with another brokerage owned by French bank Credit Agricole. Fimat was a division of Societe Generale, which was recently merged with another brokerage owned by French bank Credit Agricole and renamed Newedge.
Mr Kerviel has been blamed for incurring massive losses, costing the bank 4.9bn euros ($7bn; £3.7bn). Massive losses
A report in Le Monde said Mr Kerviel had conducted some of his trades through Fimat and that police suspect the brokerage employee may have been aware of his activities.
Mr Kerviel has been blamed for incurring massive losses, costing Societe Generale 4.9bn euros ($7bn; £3.7bn).
He was freed on 28 January following two days of questioning by magistrates.He was freed on 28 January following two days of questioning by magistrates.
Mr Kerviel is under investigation for breach of trust, computer abuse and falsification, and is currently free under judicial supervision. Now he will be put in "provisional detention" while the case is being investigated.
Mr Kerviel is under investigation for breach of trust, computer abuse and falsification.