Five-year prison term demanded for trader Kerviel

CALLING Jerome Kerviel a liar and a cheat, the Paris prosecutor yesterdfay demanded a five-year prison sentence for the rogue trader whose high-profile trial is nearing its end.

Prosecutor Jean-Michel Aldebert termed Kerviel a “manipulator” and a “cheater” for having built up unauthorised bets worth €50bn (£41.3bn) that nearly brought French bank Societe Generale to its knees.

Aldebert told the court Kerviel should spend at least four years behind bars while the fifth year could be suspended.

SocGen blames Kerviel’s massive trading positions for €4.9bn in trading losses in 2008. The bank has demanded he repay the money and be punished for his actions.

“These past three weeks have shed light on the peculiar relationship Jerome Kerviel had with the truth,” said SocGen’s lawyer, Jean Veil.

The trial, which has run for 12 days, is due to end today. Kerviel faces a maximum five years in prison and a €375,000 fine if convicted of forgery, computer abuse and breach of trust.