Convicted rogue trader Kerviel says he is scapegoat

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French rogue trader Jerome Kerviel said Wednesday he was a scapegoat for others after being jailed for three years and fined nearly five billion euros for defrauding his former employer Societe Generale.

Speaking on French radio station Europe 1, Kerviel said he was "crushed" by the sentence in his first comments following the Paris court hearing on Tuesday which convicted him of breach of trust, forgery and entering false data into computers at Societe Generale, of one of Europe's biggest banks.

"I am crushed by the weight of the sentence. I have the feeling that they wanted me to pay the price for everyone else and that it was necesssary to do that to save the Generale bank", he said.

Kerviel, 33, has lodged an appeal.

© 2010 AFP

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