Former Societe Generale employee Jerome Kerviel has been handed a five-year jail sentence and ordered to repay the entire 4.9 billion euros ($6.7 billion) that the bank lost following his unauthorized trades, according to media reports. Kerviel’s sentence, of which two years are suspended, follows a guilty verdict on charges that included forgery and breach of trust. The SocGen trading scandal first came to light in early 2008 when the bank shocked markets with the news that Kerviel had placed €50 billion of bets on stock-market futures — more than the entire market capitalization of the bank at the time.
Kerviel sentenced to five years in jail over SocGen scandal
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