scorecardRogue Trader Jerome Kerviel Loses His Appeal, Faces Prison Time And Huge Fine
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Rogue Trader Jerome Kerviel Loses His Appeal, Faces Prison Time And Huge Fine

Rogue Trader Jerome Kerviel Loses His Appeal, Faces Prison Time And Huge Fine
IndiaLaw Order1 min read

Jerome Kerviel

Reuters/ Alessandro Bianchi

A French court rejected the appeal of ex-SocGen's "rogue trader" Jerome Kerviel, Bloomberg News reports.

Kerviel, 37, is currently on a backpacking trek from Rome to Paris.

In 2008, it was revealed that Kerviel lost the French bank approximately 4.9 billion euros ($6.9 billion) through arbitrage of equity derivatives.

He was sentenced in October 2010 to three years in prison and slapped with a fine of 4.9 billion euros, but had appealed for a new trial.

Today, the appeals court in Paris gave the final verdict. He now faces prison time and a massive fine.

Kerviel

AP Images

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