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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.
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.