Follow Newser on Twitter   Friend Newser on Facebook
Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

SocGen Rogue Trader Guilty; Must Repay $6.7B

Kerviel will serve 3 years in prison in bank meltdown

By Rob Quinn,  Newser Staff

Posted Oct 5, 2010 5:30 AM CDT

(Newser) – A trader who brought Societe Generale to the brink of collapse in 2008 has been sentenced to three years in prison and ordered to repay the $6.7 billion his unauthorized trades cost the French bank. Jerome Kerviel, 33, was found guilty of breach of trust and computer hacking and sentenced to 5 years in jail, with two suspended, Bloomberg reports.

"By his deliberate actions, he put in peril the existence of the bank that employed 140,000 people, of which he was a part, and whose future was threatened," said the judge at the Paris court where Kerviel was tried. Kerviel had argued that while his trades "probably" exceeded his boundaries, his bosses knew what he was doing and turned a blind eye. For more on the SocGen meltdown, click here.

Jerome Kerviel, center, followed by his lawyer Olivier Metzner, arrives at the Paris courthouse before today's guilty verdict.
Jerome Kerviel, center, followed by his lawyer Olivier Metzner, arrives at the Paris courthouse before today's guilty verdict.   (AP)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
21%
8%
4%
54%
4%
8%
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Showing 1 of 2 comments
Fondue
Oct 5, 2010 6:06 AM CDT
"By his deliberate actions, he put in peril the existence of the bank that employed 140,000 people, of which he was a part, and whose future was threatened," Wow. You only get 3 years for that? And to think the prosecution sought, hold on....wait for it....4 years. I will give him this: The former trader is “revolted that those that created him put all responsibility on him,” [his attorney] said, noting Kerviel wouldn’t comment directly. “Prison is unacceptable for a man who didn’t make a penny.” Yeah. Screw the city-sized number of employees you almost put out of a job.

 
France • rogue trader • SocGen • Societe Generale • Jerome Kerviel • financial crisis

More Newser Stories

Rogue Trader to Sue SocGen

Second SocGen Broker Held in Kerviel Probe

SocGen Chief Resigns Amid Growing Outcry

Rogue Trader Gets a Job

France Frees Rogue Trader Kerviel
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   BuzzFeed   |   Cracked   |   Timelines   |   Geek Sugar   |   Business Insider   |   HuffPost Entertainment