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The Boston Globe

Business

Prison, $7b fine for French trader

Penalty upheld; Societe Generale case stirs public

PARIS — The Paris appeals court on Wednesday ordered former Societe Generale trader Jerome Kerviel to spend three years in prison and pay back a staggering $7 billion in damages for one of the biggest trading frauds in history.

The 35-year-old Kerviel, who never profited personally from his unauthorized trades, says he was a scapegoat for the bank and a victim of a financial system that runs on greed and profits. He will appeal his case to the highest court.

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