Rogue Trader Jerome Kerviel Loses His Appeal, Faces Prison Time And Huge Fine

A French court rejected the appeal of ex-SocGen’s “rogue trader” Jerome Kerviel, Bloomberg News reports.

Kerviel, 37, is currently on a backpacking trek from Rome to Paris.

In 2008, it was revealed that Kerviel lost the French bank approximately 4.9 billion euros ($6.9 billion) through arbitrage of equity derivatives.

He was sentenced in October 2010 to three years in prison and slapped with a fine of 4.9 billion euros, but had appealed for a new trial.

Today, the appeals court in Paris gave the final verdict. He now faces prison time and a massive fine.

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