Source Pravda.Ru

Сourt sentenced former Societe Generale trader to five years in prison

41880.jpegJerome Kerviel, the former Societe Generale trader whose rogue dealings almost brought about the French bank's demise, was convicted of breach of trust and other crimes Tuesday and sentenced to at least three years in prison.

Mr. Kerviel, 33, was also ordered to pay restitution of €4.9 billion, or $6.7 billion - the entire amount the bank lost in unwinding his trades in early 2008.

Mr. Kerviel was sentenced to five years, with two suspended, and barred for life from working in financial services. Wearing a dark suit, black tie and starched white shirt, he stood impassively while the verdict was read, betraying no emotion, New York Times reports.

"By his deliberate actions, he put in peril the existence of the bank that employed 140,000 people, of which he was a part, and whose future was threatened," Pauthe said.

Kerviel has admitted that he exceeded trading limits and lied to his co-workers, but said that his superiors were aware of his actions.

When Societe Generale announced the loss in 2008, the bank's then-CEO Daniel Bouton described Kerviel as a "terrorist."

Kerviel plans to appeal the ruling, DailyFinance reports.