French rogue trader Kerviel sentenced to three years in jail

5th October 2010, Comments 0 comments

A court on Monday sentenced French rogue trader Jerome Kerviel to three years in jail plus two years suspended for a massive fraud scandal that cost Societe Generale bank almost five billion euros.

The main Paris criminal court also ordered him to pay the bank damages of 4.9 billion euros (currently 6.8 billion dollars) -- the amount it said it lost through his risky covert stock trades.

Kerviel's lawyer had called for the 33-year-old to be acquitted, blaming the bank for the 2008 rogue trading scandal that almost destroyed it.

© 2010 AFP

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