French court orders "rogue trader" Kerviel to pay SocGen 1 mln euros
Xinhua, September 23, 2016 Adjust font size:
A French appeals court on Friday ordered "rogue trader" Jerome Kerviel to pay a fine worth 1 million euros (1.12 million U.S. dollars) in damages to his former employer Societe Generale (SocGen).
The Versailles court found the 39-year-old trader was "partially responsible" for France's biggest-ever rogue trading scandals which brought SocGen, one of the biggest European banks, to the brink of bankruptcy.
"The combat continues and the decision of the appeal court gives me the energy to continue the fight (to prove innocence)," Kerviel was quoted as saying by local media after the court decision.
In 2010, Kerviel was sentenced to five years in prison, including two suspended sentences, and was ordered to compensate SocGen's losses to the tune of 4.9 billion euros.
The trader was found to having been bypassing the bank's control systems to start building up unauthorized trading positions in 2005 and 2006 for small amounts, which gradually grew bigger.
Between late 2007 and early 2008, he exceeded trading limits and logged false transactions to cover his gambles.
However, the trader, who admitted his risky gamble, insisted his superiors knew what he was doing and encouraged him to take risks, which was rejected by SocGen. (1 euro = 1.12 U.S. dollars) Endit