French court upholds prison for rogue trader - 13 WTHR Indianapolis

French court upholds prison for rogue trader

Updated:
PARIS, France -

France's highest court upheld a prison sentence for one-time rogue trader Jerome Kerviel Wednesday but threw out the 4.9 billion euro ($7 billion) in civil damages he'd been ordered to pay back.

Kerviel had appealed the 2010 sentence of three years in prison, which had already been upheld once before by a lower appeals court.

In a statement the court said the lower court decision had not taken into account faults committed by Kerviel's former employer, French bank Societe Generale, when it ordered Kerviel to repay the bank's entire losses in the fraud.

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