The Paris appeals court on Wednesday ordered former Societe
Generale trader Jerome Kerviel to spend three years in prison and pay back a
staggering €4.9 billion (about $7 billion) in damages for one of the biggest
trading frauds in history, the NY Post reports.
The 35-year-old Kerviel, who never profited personally from
his unauthorized trades, says he was a scapegoat for the bank and a victim of a
financial system that runs on greed and profits. His lawyer David Koubbi called
the verdict "absolutely lamentable" and said his team will consider
taking the case to France's highest court.
A lower court convicted Kerviel in October 2010 of forgery,
breach of trust and unauthorized computer use for covering up bets worth nearly
€50 billion in 2007 and 2008. By the time his trades were discovered and made
public, he had amassed losses of almost €5 billion on those bets…...
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