Jailed Kerviel is crushed

Steve Dinneen
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CONVICTED?fraudster Jerome Kerviel said yesterday he was “crushed” by his jail term for running up trading losses of €4.9bn (£4.3bn).

In his first interview since he was handed a five year sentence, with two suspended, he said: “I’m starting to digest it, but I’m nonetheless crushed by the weight of the sanction and the weight of responsibility the ruling places on me,” adding it was like being “hit on the head with a club”.

Kerviel has consistently argued that Societe Generale knew he had traded €50bn and actively encouraged risky behaviour.

But a judge found no evidence of this as she handed down the jail term on Tuesday.

Kerviel is still liable for the money he lost, despite the fact that, given his last salary at SocGen, it will take the former banker nearly 50,000 years to pay off the debt.

He says he will appeal the decision.