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French Rogue Trader Steals 4.6 Billion Euros Could Face 5 Whole Years In Prison

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posted on Oct, 23 2012 @ 07:47 PM

That's right, a French rogue trader, Jérôme Kerviel, who stole 4.6 billion euros from the bank, Société Générale, he was working for can face up to 5 whole years in jail. His court appeal is tomorrow and his 3 year sentence could be upgraded to 5 if he loses his appeal. But the truth is he was originally given a 5 year sentence but 2 of those years were suspended and the other part of his sentence is that he has to repay the stolen 4.6 billion to the bank, which funny enough, doesn't at all expect him to repay any of it. Oh, and I almost forgot he's banned from ever working in the financial market

So right now he is serving a 3 year sentence (awarded in 2010) that he going to appeal tomorrow. Why is he appealing? Well it should be obvious this man wasn't working alone and there is no way his bank didn't know he was gambling away billions of their dollars. The bank says he was a rogue trader but he says the bank knew full well what he was doing and that it was common practice.

I absolutely believe he is just their fall guy who was given a LIGHT sentence so it's kinda funny to see him fight this. Obviously somebody thought they were doing him a favor by making sure he was given a light sentence. I'm going to make a prediction he'll lose his appeal tomorrow

‘Rogue trader’ Kerviel faces jail at appeal ruling

Jérôme Kerviel, the Société Générale trader whose reckless gambling lost his bank 4.9 billion euros in early 2008, faces up to five years in prison Wednesday when a Paris court rules on his appeal against his 2010 sentence.

Société Générale ‘rogue trader’ Jérôme Kerviel, who lost his employer a record-breaking 4.9 billion euros in 2008, is due to on Wednesday hear the Paris appeals court’s final ruling on a prison sentence handed down in 2010.

His original three-year sentence for breach of trust, forging documents and computer hacking included an order to repay the bank’s massive losses.

A related article from 2008 sheds some more insight as to who this man was and how it doesn't make sense that he was this rogue trader

A Spiral of Losses by a ‘Plain Vanilla’ Trader

PARIS — On the elite trading floors here, where France’s brightest minds devise some of the most complex instruments in global finance, few people noticed Jérôme Kerviel.

He was lucky to be there at all. Many of his colleagues had been plucked from the prestigious Grandes Ecoles — the Harvards and M.I.T.’s of France — and wielded advanced degrees in math or engineering. Mr. Kerviel arrived from business school and started out shuffling paper in the back office.

But on Thursday the world came to know Mr. Kerviel, 31, as the most dangerous accused rogue trader ever, a young gambler who found himself sucked into a spiral of losses that left a $7.2 billion hole in Société Générale, one of France’s largest and most respected banks.

edit on 23-10-2012 by Swills because: (no reason given)

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