Posted Oct 05, 2010 11:41 pm CDT
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.
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?”