Wed Oct 24, 2012, 10:56 AM
marmar (65,190 posts)
Prison, $7 billion fine for French rogue trader
PARIS — The Paris appeals court on Wednesday ordered former Societe Generale trader Jerome Kerviel to spend three years in prison and pay back a staggering (EURO)4.9 billion (about $7 billion) in damages for one of the biggest trading frauds in history.
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.
Because Kerviel cannot realistically pay the money back in his lifetime, the bank suggested it would refrain from seeking full repayment.
A lower court convicted Kerviel in October 2010 of forgery, breach of trust and unauthorized computer use for covering up bets worth nearly (EURO)50 billion — more than the market value of the entire bank — in 2007 and 2008. ..................(more)
The complete piece is at: http://xfinity.comcast.net/articles/finance/20121024/EU.France.Trader/
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Prison, $7 billion fine for French rogue trader (Original post)
|Jackpine Radical||Oct 2012||#2|