A second trader questioned about massive losses at Societe Generale was released without charges by authorities on Saturday.
Moussa Bakir, who works at the NewEdge brokerage which does business with Societe Generale is considered a witness in the case, but will not be charged, reported Bloomberg. NewEdge executed trades on behalf of Societe Generale.
Bakir exchanged e-mail messages with Jerome Kerviel, the trader who bank officials believe made unauthorized trades that cost the bank $4.9 billion in losses. Executives at the bank and Kerviel himself testify that Kerviel worked alone. Questioning of Bakir raised the possibility that unauthorized trades were carried out in concert with others.
Kerviel was jailed on Friday in Paris as the investigation. Police are holding him in custody due to concerns that he may try to flee or speak with any possible accomplices. A court in Paris reversed a decision to let the 31-year old junior trader free during the probe.