Belfast Telegraph

Friday 22 August 2014

Rogue trader jailed for three years

Rogue French financier Jerome Kerviel was convicted of history's biggest trading scandal, jailed for three years and ordered to pay a massive €4.9bn (£4.25bn) in damages yesterday.

The ruling marked a huge victory for Societe Generale, one of France's most established banks, which has worked to clean up its image and put in place tougher risk controls since the scandal broke in 2008.

The 33-year-old former futures index trader stood expressionless as the Paris court convicted him.

Kerviel was found guilty on charges of forgery, breach of trust and unauthorised computer use for covering up bets worth €50bn (£43bn) in 2007 and 2008.

The court ordered Kerviel to pay the bank back the €4.9bn that it lost unwinding his complex positions in January 2008 — a punishment he will certainly be unable to pay.

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