Criminal Justice

Court's Sentence Makes Rogue Trader Kerviel a Six-Billion-Dollar Man


Jerome Kerviel was sentenced to what is locally considered a hefty three-year prison term today by the main criminal court in Paris, and ordered to repay his employer, Societe General, nearly $7 billion in a record-breaking rogue trading case at the bank.

Although the 33-year-old defendant and some observers blamed the bank for the debacle, contending that his superiors had been aware of his trading and complained only when he lost a stunning amount of money, he was found guilty of forgery, breach of trust, forgery and entering false data into computers, reports Agence France-Presse.

None of the money that was lost went into his own pocket, Kerviel and his counsel noted.

Additional coverage:

ABAJournal.com (2009): “Kerviel Should Be Tried Concerning $7B SocGen Trading Loss, Prosecutors Say”

Los Angeles Times: ” French trader ordered to repay nearly $7 billion”

Christian Science Monitor: “Will Jerome Kerviel’s hefty sentence check rogue trading in France?”

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