Prison, 4.9 billion euro fine for French rogue trader
Paris: The Paris appeals court Wednesday ordered former Societe Generale trader Jerome Kerviel to spend three years in prison and pay back a staggering 4.9 billion euro in damages for one of the biggest trading frauds in history.
The 35-year-old Kerviel says he was a scapegoat for the bank and a victim of a financial system that runs on greed and profits. His lawyer David Koubbi called the verdict "absolutely lamentable" and said his team will consider taking the case to France`s highest court.
A lower court convicted Kerviel in October 2010 of forgery, breach of trust and unauthorised computer use for covering up bets worth nearly 50 billion euro in 2007 and 2008. By the time his trades were discovered and made public, he had amassed losses of almost 5 billion euro on those bets.
The sentence a five-year prison term, with two years suspended, plus the payback of all the losses he incurred shocked many in the French public. After a global financial crisis that many blamed on big banks, many believed Kerviel`s claim that he was a victim of an unjust system.
The appeals court today upheld the full conviction and sentence.
Kerviel, who arrived at the courthouse in a dark suit and looking tense, had sought an acquittal, saying the bank had turned a blind eye to his exorbitant trades as long as they made money. Prosecutors and the bank say that isn`t true.
Societe Generale lawyer Jean Veil said the verdict was "a satisfaction." He suggested the bank wouldn`t make Kerviel pay back the full multi-billion-euro sum, and would take into account his income and assets.
But he insisted, "it would have been indecent that Kerviel could have preserved revenues" resulting from the fraud, such as book or movie royalties or other income.
More from India
More from World
More from Sports
More from Entertaiment
- Indian- Americans launch online petition to declare Pakistan 'sponsor of terrorism'
- Panel discussion over PM Modi's willingness to engage in direct dialogue with Pak
- EU warns Pakistan of political and economic sanctions over atrocities in Baloch
- Should Pakistani artists be restricted from working in India?
- PM Modi slams Pakistan govt during his speech in Kozhikode
- Call up this number and get Reliance Jio's SIM for sure
- WATCH: Ravichandran Ashwin's magic ball that bamboozled Kane Williamson on Day 3
- If you have guts, send your suicide bombers to Pakistan: Samajwadi Party to MNS' Raj Thackeray
- Govt calls meet on Indus Water Treaty; Water Resources Ministry, MEA to brief PM Modi