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SocGen rogue trader loses appeal

Wednesday, October 24, 2012 - 01:24

A French appeals judges has upheld a three-year prison sentence handed down to former Societe Generale trader Jerome Kerviel, for his role in taking huge, risky bets that cost the bank 4.9 billion euros. Ciara Sutton reports.

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He was the rogue trader who cost France's second biggest bank, Societe Generale, nearly 5 billion euros. Now Jerome Kerviel's bid to overturn a prison sentence has been rejected. He's facing three years behind bars and has been ordered to re-pay the billions he lost the bank. Kerviel's lawyer says the prospect of doing that amounts to what he called a "life death sentence", and said his client may appeal." (SOUNDBITE) (French) JEROME KERVIEL'S LAWYER DAVID KOUBBI SAYING: "We had aimed to defend Mr Kerviel against an absolutely lamentable injustice. I note that we have failed. We will continue to support Mr Kerviel in his fight and we will continue to work with him on our possible appeal to the Court of Cassation." Kerviel was found guilty of abuse of trust, forgery and computer abuse in 2010. He admits his role in the scandal, but argues that Societe Generale bosses turned a blind eye to his trades when they made money. Lawyer's representing the bank were satisfied with the outcome. (SOUNDBITE) (French) SOCIETE GENERALE LAWYER JEAN VEIL SAYING: "Will Mr Kerviel be forgotten internally? Almost certainly. But to forget what Mr Kerviel has put shareholders and employees and the whole profession through? I think people will remember that for a long time." The court described the 35-year-old as the sole architect of the system which led to the billions of dollars of losses. Kerviel won't go to prison immediately as another judge will decide the precise terms of his sentence.

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SocGen rogue trader loses appeal

Wednesday, October 24, 2012 - 01:24