SocGen 'Rogue Trader' Gets 3 Years in Prison

And fined $6.36B

By Kevin Spak,  Newser Staff

Posted Oct 24, 2012 7:52 AM CDT

(Newser) – A Paris appeals court today sent Societe Generale "rogue trader" Jerome Kerviel to prison for three years today and ordered him to repay his employers roughly $7 billion. The ruling upholds a lower court's sentence that according to the AP shocked many in France, where many bought into Kerviel's argument that he was a scapegoat for the bank. Kerviel's lawyer called the ruling "absolutely lamentable" and said they would consider appealing to France's high court, but for now Kerviel is headed to prison.

Societe Generale's lawyer said there was "a satisfaction" in the verdict. "It would have been indecent that Kerviel could have preserved revenues" from his fraud, he said, though he added that the bank would likely not force Kerviel to repay the full sum.

In this June, 4  2012 file photo, French trader Jerome Kerviel arrives at the Paris courthouse.
In this June, 4 2012 file photo, French trader Jerome Kerviel arrives at the Paris courthouse.   (AP Photo/Jacques Brinon, File)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
10%
13%
10%
0%
68%
0%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!