Belfast Telegraph

Tuesday 22 July 2014

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.

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