Friday, 6 March 2015
Last updated 3 hours ago
Jun 25 2010 | 6:30am ET
Jérôme Kerviel, the rogue Société Générale trader who cooked up a phony hedge fund client to hide his €50 billion fraud, should spend four years in prison for his crimes, prosecutors said yesterday.
Kerviel was “a manipulator, a trickster, a liar who caused a worldwide trauma” and nearly €5 billion in losses for SocGen, the prosecutor, Jean-Michel Aldebert told a judge in Paris. “For him, fraud was a full-time job.”
Kerviel should also be fined, Aldebert said.
The 33-year-old is on trial for breach of trust, computer abuse and forgery. He does not deny his crimes, but said his unauthorized trading—which totaled as much as €50 billion—was no secret to his superiors, making them partially responsible. Kerviel’s attorney will make his closing statement today.
Kerviel testified that he was shocked at how easily he hid the trades. In one case, he told a SocGen broker that a rugby-loving hedge fund trader named “Matt” was pushing him to make the risky trades.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…