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No fine, but jail term upheld for former rogue trader Jerome Kerviel

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No fine, but jail term upheld for former rogue trader Jerome Kerviel

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Jerome Kerviel, the former rogue trader for French bank Société Générale has lost his appeal against a three-year jail sentence.

But a civil ruling ordering him to pay a 4.9 billion-euro fine has been overturned.

Journalists asked him for his reaction to the news of the fine:
“It’s really good news, but I’ll continue to walk,” he said. “That’s all I have to say.”

Kerviel is currently walking from Rome to Paris – a decision he took following a meeting with the pope in February.

When told about the prison term he said: “The fight goes on.”

He became famous in 2008 when Société Générale revealed he had run up 38 billion euros of unauthorised trades. His actions cost his former employer 4.9 billion euros – the biggest loss of its kind in history. Kerviel was originally ordered to reimburse this amount in full.

In 2010 Kerviel was sentenced to five years in prison with two years suspended after being found guilty of unauthorised computer use, forgery and breach of trust.

He maintained that Société Générale turned a blind eye to what he was doing.