Pay back £4bn, appeal court tells rogue trader

Published on 25/10/2012 00:00

ROGUE trader Jerome ­Kerviel has lost his appeal against ­conviction for a massive multi-billion pound fraud.

The appeal court in Paris yesterday upheld the jailing of the former Société Generale worker for three years and ordered him to pay back £4 billion in damages, money he has no chance of raising.

A lower court convicted him in October 2010 of forgery, breach of trust and unauthorised computer use in one of the world’s biggest trading frauds.

Kerviel had sought acquittal, saying the bank turned a blind eye to his massive trades in 2007 and 2008 as long as they made money. By the time he was found out, he had amassed losses of almost €5bn (£4.04bn).