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Former Societe Generale trader Jerome Kerviel begins appeal

The rogue trader started his appeal against a three-year jail sentence for his role in France’s biggest trading scandal.

Jerome kerviel appeal hearingEnlarge
Jerome Kerviel, right, arrives at the appeal court in Paris with his lawyer David Koubbi on June 4, 2012. (AFP/Getty Images)

Former Societe Generale trader Jerome Kerviel today started his appeal against a three-year jail sentence for his role in France’s biggest trading scandal.

According to Reuters, Kerviel, 35, told the appeal court judge that he was not responsible for losing the bank 4.9 billion euros, arguing his superiors know what he was doing.

“I am not responsible for this loss ... I always acted with the knowledge of my hierarchy,” Kerviel was quoted by the Financial Times as saying.

The huge losses, which nearly triggered the collapse of one of France’s oldest banks, stemmed from unauthorized bets on the futures markets, the Guardian reported.

Kerviel told the appeal court in Paris his job was to make money for the bank and that he and his colleagues on the trading desk regularly ignored a 125 million euro trading limit, saying the cap was "informal."

Reuters said Kerviel admitted he had signed but not read a book of guidelines for traders at the bank.

According to the BBC, the appeal hearing is likely to continue through June.

In 2010 the ex-trader was sentenced to five years in prison, with two years suspended.

He was originally ordered to repay the 4.9 billion euro loss but Societe Generale later said it would not demand all the money back.

Kerviel is on bail pending the outcome of the appeal.

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http://www.globalpost.com/dispatch/news/regions/europe/france/120604/former-societe-generale-trader-jerome-kerviel-begins-appe