Jerome Kerviel

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SocGen 'Rogue Trader' Gets 3 Years in Prison

And fined $6.36B

(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... More »

SocGen Rogue Trader Guilty; Must Repay $6.7B

Kerviel will serve 3 years in prison in bank meltdown

(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... More »

SocGen Chief Resigns Amid Growing Outcry

Executive pay scandal, $6.4B fraud fallout push Bouton to quit

(Newser) - The chairman of Société Générale announced his resignation today amid growing public criticism of his performance, Reuters reports. Daniel Bouton had been scolded by Nicolas Sarkozy for his handling of the rogue trading affair that cost the bank $6.4 billion; last month the president attacked the... More »

France Frees Rogue Trader Kerviel

He'll be under 'judicial control' during probe of $8B SocGen loss

(Newser) - Jerome Kerviel, the trader accused of an $8 billion fraud that nearly brought down Societe Generale, has been freed by a Paris court after five weeks in detention, the Guardian reports. The trader, who faces charges including breach of trust and falsifying documents, will remain free while the case is... More »

Second SocGen Broker Held in Kerviel Probe

Could derail rogue trader's chances of getting released

(Newser) - Authorities have taken a second Societe Generale employee into custody and conducted a search of La Defense headquarters, as the probe into unauthorized securities trading that cost the French bank $7.6 billion expands, reports Bloomberg. Police are holding a broker from a bank subsidiary, said a SocGen spokeswoman. Another... More »

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