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Edition: U.S. Article Comments (6) Slideshow Video Email Print Reprints Read Super-rich investors buy gold by ton 04 Oct 2010 U.S. sues AmEx, Visa, MasterCard, latter two settle 7:59am EDT Factbox: Graphene - The thinnest material ever discovered 7:25am EDT Ex-trader Kerviel sentenced to 3 years in jail 11:26am EDT Duo wins 2010 physics Nobel for super-thin carbon 11:33am EDT Discussed 69 Health reform to worsen doctor shortage: group 61 U.S. apologizes for syphilis experiment in Guatemala 60 Ex-maid says Whitman knowingly employed her illegally Watched Uncovering the mysteries of the deep Mon, Oct 4 2010 Red faces over top model gaff Tue, Sep 28 2010 Ocean census reveals deep secrets Mon, Oct 4 2010 Report Title Price Banking, Mortgages & Securities Industry Market Research and Competitive Analysis 2010 Provider: Plunkett Research, Ltd. $299.0 Buy Banking, Mortgages & Credit Industry Trends, Statistics & Analysis 2010 (Summary) Provider: Plunkett Research, Ltd. $149.0 Buy Plunkett's Investment & Securities Industry Almanac 2010 Provider: Plunkett Research, Ltd. $299.0 Buy Plunkett's Investment & Securities Industry Trends & Statistics 2010 (Summary) Provider: Plunkett Research, Ltd. $149.0 Buy NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Ex-trader Kerviel sentenced to 3 years in jail Tweet This Share on LinkedIn Share on Facebook Factbox Kerviel joins rogue traders gallery 8:48am EDT Related News Timeline: Ex-SocGen trader Kerviel found guilty 5:44am EDT Only vigilance can stop rogue traders like Kerviel 11:06am EDT Related Topics World » Stocks Related Video French rogue trader sentenced 10:16am EDT 1 / 2 Former trader Jerome Kerviel arrives at Paris courts for the verdict in his trial, as he faces charges of breach of trust, computer abuse and forgery, October 5, 2010. Credit: Reuters/Charles Platiau By Lionel Laurent PARIS | Tue Oct 5, 2010 11:26am EDT PARIS (Reuters) - Former Societe Generale trader Jerome Kerviel was sentenced to three years in jail by a Paris court on Tuesday for his role in a trading scandal and ordered to pay the French bank 4.9 billion euros ($6.8 billion). The verdict came as a victory for SocGen, which always maintained Kerviel acted alone and without the sanction of his managers at the bank. It had sought payment of damages for the money it lost unwinding the trader's risky market bets in 2008. Kerviel's lawyer said he would immediately appeal the verdict, which he said was "senseless" and cleared the bank of all blame. "Jerome is outraged ... that the people who created him have been totally exonerated," Olivier Metzner told journalists outside the courtroom in the Palais de Justice. Kerviel was given a total prison sentence of five years, two years of which were suspended. The public prosecutor had recommended Kerviel serve at least four years behind bars, with a fifth year suspended. The payment to SocGen equates to 3.2 percent of France's central government deficit for 2010, the GDP of Monaco or 16 percent of the French bank's market value. Kerviel is currently paid 2,300 euros a month as a technology consultant. EXCEPTIONAL DAMAGE "Kerviel will never be able to repay this sum, but the fact that the punishment was imposed vindicates (SocGen's) position," said Bruno Quentin, partner at French law firm Gide, Loyrette & Nouel. A SocGen spokeswoman said the amount awarded showed clearly "the exceptional damage suffered by the bank and its employees." She declined to comment on whether the bank would press for repayment because -- as with the jail sentence -- the verdict is suspended until the end of the appeal process. "The sentence is extremely harsh, especially as there was no personal enrichment on Kerviel's part," Paris-based lawyer Mabrouk Sassi told Reuters. He said SocGen would now escape having to repay around 1.7 billion euros in tax on its losses as all responsibility had been put on the former trader. Kerviel, 33, who sat in court staring at the floor with his arms folded as the judgment was read out, was ordered to his feet to be told he was guilty of breach of trust, computer abuse and forgery. "Kerviel knowingly went beyond his remit as a trader," presiding judge Dominique Pauthe told the court. Kerviel had not been given even tacit authorization from his bosses to speculate excessively and SocGen's own shortcomings did not exonerate him from his duties as a professional trader, the judge said. Pauthe added that Kerviel knew exactly what he was doing in overstepping his remit and that he sought to hide his trading positions. 1 2 Next World Comments See All Comments (6) | Post Comment Oct 05, 2010 5:43am EDT Reimbursing 4,9 billion euros? The court thinks it’s possible for an individual to do that? humantrick Report As Abusive Oct 05, 2010 6:35am EDT This is typically French… The bank is corrupt, with many execs having been to “Science Po”, the elite school which almost all politicians go to. There were no controls at the bank and the risks he took were overlooked when he made a profit, and now he is being hung out to dry by a judge who no doubt had already determined the outcome before the case started. His actions are inexcusable, but he was a low down pion in the machine, and the senior management needs to take responsibility. If he is required to pay back the $5bn, then SocGen should pay him the ~$10bn profit they made on these same kind of trades the year before GA_Chris Report As Abusive Oct 05, 2010 9:04am EDT Re: Humantrick’s remark……This is known as Court’s intelligence. While handing over the verdict, the court will only consider how much money he has to pay back, disregarding the source from where he can possibly raise that amount. It serves as a valid claim and ranks higher than other claims like creditors for personal loans, etc. in case Kerviel declares himself bankrupt. Obviously, he cannot raise than amount even if he works for his lifetime, that is a known fact, but assuming he hits a jackpot in future, the court will have first right of recovery of that amount. milkel Report As Abusive Oct 05, 2010 9:26am EDT Come on, all this guy was trying to do is please his bosses, and all they had in mind was their bonuses, or as they’d probably phrase it “keeping the bank profitable in a highly competitive, complex and innovative environment of international finances”… yr2009 Report As Abusive Oct 05, 2010 10:05am EDT Other judges should use this as a president for the next bankers to appear in the dock. Government prosecutors around the world should be investigating banks and bankers, and any politician implicated in such behaviour (e.g. Tony Bliar for his financial deregulation antics since approx 1999) for wrong doings and preparing cases against them. The repayments should go to the tax departments to pay back the tax payers who bailed out the bankers. It would be easier for an organisation to pay back this kind of sum than some individual minion. Gubernator Report As Abusive Oct 05, 2010 10:08am EDT Sh_t rolls down hill and the top will always find there scapegoat! wolf91101 Report As Abusive See All Comments (6) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. 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