SocGen 'Rogue Trader' Gets 3 Years in Prison
And fined $6.36B
By Kevin Spak, Newser User
Posted Oct 24, 2012 7:52 AM CDT
In this June, 4 2012 file photo, French trader Jerome Kerviel arrives at the Paris courthouse.   (AP Photo/Jacques Brinon, File)

(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.

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Showing 3 of 3 comments
Bulls-Eye
Oct 24, 2012 12:33 PM CDT
Rogue trader = total bullshit. I spent my life in this profession. Management looks the other way while a trader on a hot streak pads their annual bonuses. Then when things turn bad: "We didn't know anything about this. He was a rogue trader." I have seen that story line like 10 times and it's always a lie. You can't lose $7 billion without lots of people inside the company knowing exactly what's going on. Anybody ever take accounting 101? Debits and credits have to equal, and traders don't keep the company's books.
Antagonist
Oct 24, 2012 10:56 AM CDT
What a Joke!!!! 3 Years ?? Pay Back $7 Billion??? Yeah, like some dumb ass is gonna give him a job !
Fondue
Oct 24, 2012 8:06 AM CDT
US DoJ, are you taking note?