french rogue trader to go to prison
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

French rogue trader to go to prison

Arab Today, arab today

Arab Today, arab today French rogue trader to go to prison

Paris - AFP

A top French appeals court on Wednesday upheld rogue trader Jerome Kerviel's three-year jail sentence over high-risk trading that cost Societe Generale bank nearly five billion euros. But the court cancelled the 4.9 billion euros ($6.8 billion) that Kerviel was ordered to pay back, referring the issue of damages to another court for a fresh decision. Kerviel's lawyer Patrice Spinosi had argued in February while appealing the conviction for breach of trust that Societe Generale had committed "wilful misconduct" and was aware of his client's high-risk trading. The controversial trader spent 41 days in pre-trial detention in 2008, but was then released. Kerviel is currently undertaking a protest walk from Rome to Paris, but can now technically be put behind bars at any time. He was sentenced to three years in prison in October 2010 for breach of trust, forgery and entering false data for unauthorised deals that threatened to bankrupt the bank, one of the biggest in Europe. Spinosi said Wednesday's decision to send the ruling on damages for judgement again would effectively amount to Societe Generale going on trial over the failure of its supervisory system. "It is, at the very least, surprising that Jerome Kerviel is being sent to prison when the existence of significant failures by his employer and the consequences of these failures have just been recognised as a factor in the case," Spinosi added. Another Kerviel lawyer, David Koubbi, termed the outcome of the hearing a "victory" for his client. But Jean Veil, the lawyer for Societe Generale, said the 37-year-old Kerviel "has lost the case". The controversial trader is on a 1,400-kilometre (870-mile) protest trek to highlight the "tyranny of the markets". He had met with Pope Francis in the Vatican during the pontiff's weekly general audience on February 19 before starting his protest. "This is great news, that's the only thing I will say," Kerviel said in a reaction to the ruling. "I will continue to walk." He told RTL radio later: "It's the end of recreation for bankers and banks. It's the end of impunity. That's how I interpret it. "I am quite surprised that they prefer to lock me up in prison rather that investigate the destruction of evidence," he added. Kerviel and his lawyers had launched a high-profile campaign on social media before the case came before the appeal court. His lawyer Koubbi said his client had received several offers of help and hospitality during his protest march. When he was passing through Tuscany he was accorded a warm welcome by Marie-Christine Ferre, the widow of poet, composer and singer Leo Ferre. "It gives us pleasure to help someone who is doing all this distance on foot just to save his skin," she was quoted as saying on the website of Kerviel's official support group.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

french rogue trader to go to prison french rogue trader to go to prison

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

french rogue trader to go to prison french rogue trader to go to prison

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday