SocGen Rogue Trader Kerviel Loses Appeal

World | October 24, 2012, Wednesday // 19:38|  views

Former Societe Generale trader Jerome Kerviel has lost his appeal in the Paris appeals court against a three-year prison sentence for forgery and breach of trust.

"Jerome Kerviel was the sole creator, inventor and user of a fraudulent system that caused these damages to Societe Generale," the court said in its ruling.

Kerviel will also have to pay back the losses incurred by the bank. However, Societe Generale has said it will not demand full repayment, BBC informs.

The ex-trader lost the bank almost EUR 5 B (USD 6.5 B) in 2008, and was convicted in 2010.

Kerviel now has five days to decide on whether appeal to the Court of Cassation.

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Tags: forgery, breach of trust, jerome kerviel, societe generale, bank


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