Former French trader Jerome Kerviel was today found guilty of charges related to Société Générale's record €4.9 billion trading loss in 2008.
The 33-year-old former index futures trader was found guilty on charges of forgery, breach of trust and unauthorised computer use over claims that he covered up bets worth nearly €50 billion between late 2007 and early 2008.
Judge Dominique Pauthe sentenced him to five years in prison, two of them suspended, also said Kerviel was responsible for the full trading loss.
During a three-week trial in June, Kerviel admitted he lied to colleagues and exceeded trading limits, but he argued his superiors knew of his actions.
Evidence presented by the defence "did not absolve Kerviel of his obligation to follow the rules", the judge said.
The trading loss, announced January 24th, 2008, was the biggest ever and prompted then-chief executive Daniel Bouton to describe Kerviel as a "terrorist".
AP, Bloomberg