Prison, massive fine for French rogue trader

Associated Press

PARIS (AP) — The Paris appeals court has upheld former Societe Generale trader Jerome Kerviel's conviction for covering up massive losses, sentencing him to three years in prison and ordering him to pay back a staggering €4.9 billion (about $7 billion) in damages.

A lower court convicted him in October 2010 of forgery, breach of trust and unauthorized computer use in one of history's biggest trading frauds. The appeals court upheld the conviction and the sentence Wednesday.

Kerviel had sought an acquittal, saying the bank had turned a blind eye to his exorbitant trades in 2007 and 2008 as long as they made money.

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