Ex-Societe Generale trader left “crushed” by court verdict

7 October 2010

Jerome Kerviel, the former Societe Generale trader, sentenced to three years in jail after making a trading loss of €4.9 billion has said he has been left “crushed” by the sentence.

The 33 year-old ex-banker received a jail term, a life-time ban from working within the financial services industry and ordered to repay the lost sum.

Dominic Pauthe, the ruling judge, found the former-employee guilty of abuse of trust, forgery and computer hacking.

In an interview with Europe1 radio, Mr Kerviel said: “I'm starting to digest it, but I'm nonetheless crushed by the weight of the sanction and the weight of responsibility the ruling places on me.”

He compared the verdict with being “hit on the head with a club” and added: “I have the feeling like they want to make me pay for all.”

Olivier Metzner, lawyer for Mr Kerviel, dubbed the decision by the judging panel “unreasonable” and stated that the former trader’s legal team would mount an immediate appeal to overturn the verdict.

The banker is currently expected to pay back the €4.9 billion sum - although he is only currently earning €900 per month.

By Jim Ottewill

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