Bloomberg reports that Jean Veil, a lawyer for the bank, read excerpts from the verdict earlier this week, as he urged the appeals court to reject the former trader’s bid to clear his name. He praised the 'penetrating analysis of the lower court judges'.
Kerviel, 35, is asking the appeals court to reverse his conviction after he was sentenced to three years in prison and ordered to repay the Paris-based bank. He argues that he didn’t betray the bank’s trust and that his superiors knew he was exceeding trading limits. Kerviel also claims the lender unwound his positions as a way to shift attention from an almost $2.5bn loss on U.S. subprime mortgages.
Finally, Fox Business Network reports that a former Galleon Group hedge fund portfolio manager-turned-government informant was sentenced Tuesday to two years probation for his role in an insider trading ring that’s already netted nearly 70 defendants.
Adam Smith pleaded guilty to one count of securities fraud and one count of conspiracy. In a sentencing memo to the court, the government called Smith’s assistance 'valuable' and named him as a 'key' witness in the case against his boss Raj Rajaratnam.