PPI: Ex-Societe Generale Trader Sentenced For Five Years

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 7, 2010 -- FOR IMMEDIATE RELEASE

London, UK, 5th October, 2010: Former Societe Generale trader Jerome Kerviel has been sentenced to five years in jail for his role in the collapse of the bank.

Mr Kerviel was found guilty of forgery, unauthorised computer use and breach of trust, and was requested to pay the 4.9 billion euros (£4 billion) he lost through trades.

His lawyer revealed that they would appeal the conviction, which stated two years of the five year sentence would be suspended.

The case was brought against Kerviel as he was accused of gambling 50 billion euros of the firm's money without the bank's approval.

He claimed Societe Generale did have knowledge of the risky trades and was content with his actions as long as he made a profit.

Presiding judge Dominique Pauthe, speaking at a Paris court, said "Kerviel knowingly went beyond his remit as a trader" and that the bank "was responsible for nothing, not responsible for the creature that it had created".

Kerviel will remain free until his appeal is heard.

“Jerome Kerviel who was a trader with Societe Generale has been sentenced to five years in prison for leading to the collapse of a bank.” says financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI Claim Company.co.uk.

“Kerviel was found guilty of forgery, unauthorised computer use and breach of trust and has been asked to pay back the 4.9 billion euros lost through trades. He had been accused of gambling 50 billion euros of the firm's money without the bank's approval.””

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