Search results for Kerviel

Eric Zemmour : Kerviel banque, la Société Générale ne se plaint pas

Former Societe Generale trader Jerome Kerviel has been sentenced to five years in prison, including two years suspended, for his role in a trading scandal that cost the bank close to 5 billion euros (£4.4 billion). A Paris court also ordered 33-year-old Kerviel to reimburse the French bank 4.9 billion euros lost in unauthorised trades which brought SocGen to the brink of collapse in 2008. The 33-year-old ex-trader, who now works for a technology consultancy, was found guilty of charges breach of trust, computer abuse and forgery. At the end of Kerviel's high-profile three-week trial in June, his defence team pleaded guilty to computer abuse but rejected the other charges. The public prosecutor has recommended Kerviel serve at least four years behind bars, with a fifth year suspended. The verdict is critical for SocGen, which has worked hard to clean up its image and tighten risk controls since the scandal broke. The bank says Kerviel acted alone and egregiously in taking unauthorised positions worth 50 billion euros that cost 4.9 billion to unwind. Kerviel does not deny he took risky bets and lied to cover them up but claims his superiors knew what he was doing. During his three-week trial in June his lawyers cast him as an innocent pawn, corrupted and goaded by a bank that was hooked on risk. The ex-head of Societe Generale, Daniel Bouton, who stepped down in 2009 in the face of public criticism, told the courtroom Kerviel was an "evil genius" well-versed in backroom operations and trade risk controls who would have cracked even the toughest security mechanism. He did admit there were weaknesses in the bank's risk controls at the time, for which it was fined 4 million euros in 2008 by French banking regulators. Kerviel, however, said he had been encouraged by his bosses and was trying to make money for the bank, even if he did acknowledge having gone too far and made "errors".

Former trader Jerome Kerviel goes on trial Tuesday accused of fraud that cost French bank Societe Generale five billion euros -- but insists that his bosses knew what he was up to.Duration: 02:28

Former Societe Generale trader Jerome Kerviel has been sentenced to 5 years in prison by a Paris court for his role in a trading scandal that cost Soc Gen almost 5 billion euros.

French police question trader accused of major fraud

French police question trader accused of major fraud

A Paris court on Tuesday sentenced rogue trader Jerome Kerviel to three years in jail and ordered the 33-year-old to pay back the five billion euros that his market gambles cost Societe Generale bank. The judge said the trader's acts had "damaged the world economic order".Duration: 01:50

A Paris court on Tuesday sentenced rogue trader Jerome Kerviel to three years in jail and ordered the 33-year-old to pay back the five billion euros that his market gambles cost Societe Generale bank. The judge said the trader's acts had "damaged the world economic order" and found him guilty of breach of trust, forgery and entering false data into computers. Duration: 00:47.

Jerome Kerviel's lawyer on Friday urged judges to acquit the Frenchman of fraud, blaming the bank Societe Generale for the rogue trading scandal that almost destroyed it. The final plea came on the last day of the trial, a day after prosecutors demanded that Kerviel be jailed for four years plus one year suspended, for covert stock trades that the bank says cost it 4.9 billion euros.Duration: 01:42

The trial of Jerome Kerviel, the alleged "rogue trader" who is accused of unauthorised deals that cost Societe Generale, the French bank, $5.85bn has started in Paris.Kerviel, 33, became the face of the global financial crisis after he was blamed for what is considered to be the biggest ever trading-room-floor loss in 2008.The former trader, who faces a maximum sentence of five years in prison and a fine of $450,000, was met by a media scrum when arrived at court in the French capital. Barbara Serra reports from Paris.June 08, 2010

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La conseillère en communication de Jérôme Kerviel considère que sa surmédiatisation lui a nui.

Kerviel was taken to a police station in Paris at around 2.00 p.m. (1300 GMT). He allegedly cost French Bank Societe Generale over 7 billion dollars in trading losses. The bank said the rogue trader was managing hundreds of thousands of concealed trades a

Societe Generale has still not named the dealer who lost 7.18 billion dollars in fraudulent trades but Kerviel's name surfaced within hours of the announcement on Thursday (January 24) and has been confirmed by banking sources. Police have established tha

SocGen and senior French politicians are blaming the rogue trader for the fraud, who has been named as Jerome Kerviel by bank sources. But while French President Nicolas Sarkozy tried to limit damage from the scandal, insisting it was merely an internal a