Jérôme Kerviel is to appeal against his conviction over his role in one of the biggest trading scandals in banking history.
The former trader was found guilty on all charges for his part in the operation which ended up costing French bank Société Générale almost five billion euros.
Predictably, the bank is happy with today’s verdict:
“This effectively recognises the fact that Société Générale did not facilitate the fraudulent system instigated by Jérôme Kerviel, that the bank was totally unaware of the lies, falsifications, in fact everything Jérôme Kerviel did to hoodwink his superiors.” said lawyer Jean Veil.
In court today, Kerviel was found guilty of all charges and sentenced to five years in prison, of which he will serve at least three.
“I get the feeling that Jérôme Kerviel is the fall guy here. He is disgusted that those responsible are getting off totally scot-free.” countered his lawyer, Olivier Metzner.
Kerviel’s defence was the bank knew about his risky trading and was happy as long as he was making a profit.
Former bosses and colleagues lined up in court to testify against him.