Ex-Societe Generale Exec Kerviel Sentenced in Trading Scandal

Jerome KervielA French judge sentenced former trader Jerome Kerviel to three years in prison and ordered him to repay a 4.9 billion euro ($6.8 billion) in damages to Societe Generale SA (SCGLY) for his role in one of the largest trading scandal's in history.

Judge Dominique Pauthe found Kerviel, 33, guilty of computer hacking and breach of trust and said that his actions threatened the bank's existence, Bloomberg News reported.

"By his deliberate actions, he put in peril the existence of the bank that employed 140,000 people, of which he was a part, and whose future was threatened," Pauthe said.

Kerviel has admitted that he exceeded trading limits and lied to his co-workers, but said that his superiors were aware of his actions.

When Societe Generale announced the loss in 2008, the bank's then-CEO Daniel Bouton described Kerviel as a "terrorist."

Kerviel plans to appeal the ruling.

"Prison is unacceptable for a man who didn't make a penny," Olivier Metzner, Kerviel's lawyer, said.

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Duff Gordon

I thought Mr. Kneivel died last year- or is this is son Robbie?

October 05 2010 at 6:30 PM Report abuse rate up rate down Reply
Peg Mierenfeld

I dont't know one person who thinks this story is true.....6.8 billion? Losses taken at the beginning of the worlds biggest economic meltdown? Why does this bank and the media think we believe this guy had trading losses of 6.8 billon?

October 05 2010 at 5:11 PM Report abuse +1 rate up rate down Reply
larryeart

This jerks lawyer says he cannot go to prison because "he did not make any money"...duhhhh. Since when. Plenty of crimes are violent,hurtful and endager others like this guy did...making $money is not necessary to be terrorist. Get off this planet Karviel and lawyerface.

October 05 2010 at 4:21 PM Report abuse +2 rate up rate down Reply
cubamex2003

did not know there was that money printed in this world...

October 05 2010 at 4:09 PM Report abuse +1 rate up rate down Reply
thewhitekt

That bastard Kerviel ought to have been sentenced to 30 years rather than three. This planet does not need to see his face again.

October 05 2010 at 4:00 PM Report abuse +2 rate up rate down Reply
sasha

Hey, c'mon. Isn't this a free world? Isn't this how capitalism should be in the US? Conservatives want it so. They would even like to give a bunch of tax money to this guy because he represented hard working values and entrepreneurialship. Oh, if he was only American!

October 05 2010 at 11:09 AM Report abuse -3 rate up rate down Reply
sjmerian1700

I do not know Mr. Kerviel but I cannot believe that he was alone in this scandal, About investigating the top employees???

October 05 2010 at 11:09 AM Report abuse rate up rate down Reply