Rogue trader Jerome Kerviel loses appeal

City A.M. Reporter
Former Societe Generale trader Jerome Kerviel this afternoon lost his appeal against a three-year prison sentence for a rogue trading scandal that lost the bank €4.9bn (£3.05bn).

A Paris court ruled that the ex-trader was responsible for the loss, and that he must repay the bank the billions that he lost.

“Jerome Kerviel was the sole creator, inventor and user of a fraudulent system that caused these damages to Societe Generale,” the ruling said.

Kerviel’s sentence is for five years in jail, although two are suspended.

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