Kerviel jailed for forgery, unauthorised computer use

Kerviel jailed for forgery, unauthorised computer use

Jerome Kerviel has been found guilty of forgery, breach of trust and unauthorised computer use by a Paris court in relation to 2008's EUR4.9 billion rogue trading loss at Société Général.

The former trader has been sentenced to five years in jail, two of them suspended, and ordered to repay the bank the entire EUR4.9 billion.

Kerviel admitted lying to colleagues, falsifying documents and entering fake trades when he stood trial in in June over the trading losses, which came to light in 2008.

However, the 'rogue trader' insisted that his actions were common practice at the bank and bosses turned a blind eye.

According to CNN, Kerviel's lawyer, Olivier Metzner, called the verdict "unreasonable" and plans to appeal within the allotted 10 days.

Comments: (2)

Mritunjay Singh
Mritunjay Singh - Infosys - Pune 06 October, 2010, 10:34Be the first to give this comment the thumbs up 0 likes

How can he do this without someone noticing it? that's a lot of money.

Kurt Staines
Kurt Staines - KJS Consulting Limited - Basildon 06 October, 2010, 14:33Be the first to give this comment the thumbs up 0 likes

How can you gamble with EUR50 Billion and nobody notices? I know the bank has been fined for a lack of of controls, but it still seems unbelievable that he could trade that amount in total without it being noticed.

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