Police back Societe Generale executives

PARIS, Aug. 3 (UPI) -- A French police report backs assertions by Societe Generale bankers they knew nothing of the massive risky investments by trader Jerome Kerviel, sources say.

The report, obtained by the International Herald Tribune, says Kerviel was able to camouflage his activities from "negligent" bank managers to disguise billions of dollars of unauthorized market bets, the biggest-ever case of bank fraud. Those conclusions generally back the bank's position denying Kerviel's assertions that he had the managers' blessings to make the risky trades.

"Looking at the entirety of the evidence gathered," the report said, "one could legitimately conclude that the extent of financial damage to the bank can be explained by the fraudulent activity of a trader who, in the context of unfavorable market conditions, abused the trust of his superiors by taking advantage (of) the weakness of its internal control services."

Kerviel, 31, faces charges of forgery, breach of trust and unauthorized computer use. His attorney, Bernard Benaiem, told the Herald Tribune the report misrepresents the body of evidence that has been gathered by judges in recent months.