SocGen 'rogue trader' appeals against jail term

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SocGen 'rogue trader' appeals against jail term

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Jerome Kerviel, a convicted rogue trader who almost brought down one of France’s biggest banks, launched his appeal in Paris on Monday.

He was found guilty in 2010 of being solely responsible of incurring nearly five billion euros of trading losses for his former employer, Société Generale.

Kerviel was sentenced to five years in jail, with two years suspended, and ordered to repay the bank

The former trader has hired a new lawyer, David Koubbi, who represented write Tristane Banon in her case against Dominique Strauss-Kahn.

Koubbi is expected to argue that the conviction is unsafe owing to an alleged manipulation of the evidence. He will tell the court that the recording of questioning by Soc Gen staff was cut from 12 hours to six.

Another ground for appeal, Koubbi says, is that SocGen failed to tell the court that it received a 1.7 billion euro tax rebate that reduced its losses.

Kerviel made 50 billion euros of uncovered bets on futures markets. However, the 35-year-old says the bank knew he was making the risky trades and even encouraged him to do so.

Société Generale denies his claims.