Belfast Telegraph

Thursday 29 January 2015

Rogue trader loses appeal over fraud

French trader Jerome Kerviel has lost his appeal against conviction for a massive multi-billion dollar fraud.

The Paris court sentenced the former Societe Generale worker to three years in prison and ordered him to pay back £4bn in damages - money he has no chance of raising.

A lower court convicted him in October 2010 of forgery, breach of trust and unauthorised computer use in one of history's biggest trading frauds. The appeals court upheld the conviction and the sentence.

Kerviel had sought an acquittal, saying the bank had turned a blind eye to his exorbitant trades in 2007 and 2008 as long as they made money.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?



Company Profiles


Help & Advice


People on the move