t’s been a dramatic day for the French banking industry with the news that the man who’s just been handed a five year jail term for one of the biggest trading frauds in history might well appeal against his sentence. Jerome Kerviel lost Societe Generale bank - one of the biggest in the country - just short of four billion pounds.
Ex-trader, Kerviel was convicted in a lower court in Paris two years ago of forgery, breach of trust and unauthorized computer use connected to a series of extraordinarily risky decisions he took between 2007 and 2008, and which effectively obliterated over two years of earnings at the bank's investment division. Today an Appeal court upheld the original verdict.
Kerviel’s lawyers are already on the case, so to speak. He’s got both a prison sentence to contend with – a five year term with two years suspended - and a demand that he pay back all mammoth losses he caused back then. The men who represent him say their client’s conviction is unjust and he’s just a scapegoat. Lawyer, David Koubbi said outside court today: We will continue to support Mr Kerviel in his fight and we will continue to work with him on our possible appeal to the Supreme Court
Societe Generale lawyer Jean Veil said the verdict was "a great satisfaction" and Kerviel won’t go to jail just yet. He and his legal team have five days to decide if they will appeal.
Written and presented by Marverine Cole