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French ex-trader must pay $6.7 billion for fraud (AP)

October 5th, 2010

Jerome Kerviel, center, followed by his lawyer Olivier Metzner, second right, arrives at the Paris courthouse, Tuesday Oct. 5, 2010. The Paris court will hand down a verdict in the case of the former French trader accused of masterminding one of history's biggest trading frauds and costing one of France's largest banks billions in losses. Kerviel, the 33-year-old former index futures trader at Societe Generale SA, risks five years in prison and a euro 375,000 ($513,000) fine on charges related to the claim that he covered up bets worth nearly euro 50 billion, or more than the bank was worth, between late 2007 and early 2008. (AP Photo/Laurent Cipriani)AP - Ex-trader Jerome Kerviel was convicted on all counts Tuesday in history’s biggest rogue trading scandal, sentenced to at least three years in prison and ordered to pay his former employer damages of euro4.9 billion ($6.7 billion) — a sum so staggering it drew gasps in the courtroom.


Tags: extrader, fraud, billion, courtroom, French, $6.7, Must

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