Trader jailed 3 years for fraud
Source: Agencies |
October 25, 2012, Thursday
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Print Edition
Print Edition
THE Paris appeals court yesterday ordered former Societe Generale trader Jerome Kerviel to spend three years in prison and pay back 4.9 billion euros (US$6.34 billion) in damages for one of the biggest trading frauds in history.
The 35-year-old Kerviel says he was a scapegoat for the bank and a victim of a financial system that runs on greed and profits. His lawyer David Koubbi called the verdict "absolutely lamentable" and said his team will consider taking the case to France's highest court. A lower court convicted Kerviel in October 2010 of forgery, breach of trust and unauthorized computer use for covering up bets worth nearly 50 billion euros in 2007 and 2008.
The 35-year-old Kerviel says he was a scapegoat for the bank and a victim of a financial system that runs on greed and profits. His lawyer David Koubbi called the verdict "absolutely lamentable" and said his team will consider taking the case to France's highest court. A lower court convicted Kerviel in October 2010 of forgery, breach of trust and unauthorized computer use for covering up bets worth nearly 50 billion euros in 2007 and 2008.
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