Rogue Trader Jerome Kerviel Loses His Appeal, Faces Prison Time And Huge Fine
A French court rejected the appeal of ex-SocGen's "rogue trader" Jerome Kerviel, Bloomberg News reports.
Reuters/ Alessandro Bianchi
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.
Popular on BI
- A 24-year-old stock trader who made over $8 million in 2 years shares the 4 indicators he uses as his guides to buy and sell
- My fiancé and I picked out my engagement ring together before he proposed, and I don't regret missing out on the surprise
- Financial inclusion made easy for India’s small merchants with Paytm’s pioneering QR codes and Soundbox
- IPL nail biters, munchies and the demand for ‘sides’
- White collar hiring activity flat in May, IT sector's woes continue: Report
- Louis Vuitton's fall is Elon Musk's gain — Tesla owner reclaims top spot in richest list
- Toyota reports highest-ever monthly sales in May at 20,410 units
- Indian aviation regulator asks airlines to frame deplaning guidelines in case of emergency