Former Societe Generale's so-called 'rogue trader' Jerome Kerviel was sentenced to three years in prison by a Paris Judge Tuesday, and banned from the financial markets industry for life.
Oh, and he was told to repay the small matter of $6.8bn to SocGen, which will apparently take him 177,536 years to pay (he is currently earning $3,150-a-month).
Judge Dominque Pauthe said: 'The absence of proper supervision on the part of the bank should not have been interpreted as a tacit green light to engage in wild speculation....By his deliberate actions, he put in peril the existence of the bank that employed 140,000 people'.
Kerviel's lawyer has said that 'Jerome is disgusted. This implies that the bank is responsible for nothing, and that Jerome Kerviel is responsible for the excesses of the whole banking system'.
The former trader will remain free at large pending his appeal, which is unlikely to be heard until some time in 2012.
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