Jerome 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.
The Russian Defence Ministry acknowledged that the Americans treat Russian military men in Syria with respect. The Americans always warn Russia accordingly, but not Israel
After the incident with the shootdown of the Ilyushin Il-20 reconnaissance aircraft over the Mediterranean Sea, Russia will supply an S-300 anti-aircraft missile system to Syria
Indeed, how dare they run US-independent policy? They should have followed the example of the European Union that turned independent states of the Old World into US-ditto entities