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French rogue trader Kerviel loses appeal

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French rogue trader Kerviel loses appeal


A Paris appeal court has upheld a jail sentence for Jérome Kerviel, the rogue trader who lost the bank Société Générale (Soc-Gen) nearly five-billion euros. The court also ordered him to repay all the money.

Kerviel had appealed against the original three year jail term with another two years suspended. His legal team have not ruled out further action.

Lawyer David Koubbi said: “We will continue to support Mr Kerviel in his fight and we will continue to work with him on our possible appeal to the Supreme Court.”

Kerviel remains free for the moment. Another judge is to decide the exact details of his time in prison.
His trial was told the trader gambled with 50-billion euros of the bank’s money, taking enormous risks. The appeal court said he alone had created and used a fraudulent system that caused the damage.

The bank’s lawyer Jean Veil said: “This ruling concludes very clearly that Jerome Kerviel was fully guilty of the charges he faced.”

Kerviel has never denied masking his trades but maintained that his bosses knew exactly what he was doing. SocGen denied that.

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