Trader's 'Love' For Former Firm May Not Be Enough to Save Him

Jerome Kerviel’s statement last week that he 'loved' Societe Generale SA (GLE) may have come too late to help him win a reduced sentence for causing the bank’s $6.1bn trading loss.

Bloomberg reports that Kerviel lawyer David Koubbi may use his client’s remarks during closing arguments in Paris today to offset his own frequent clashes with Judge Mireille Filippini, who threatened to notify the bar about his treatment of witnesses.

While Kerviel is seeking to throw out a 2010 verdict sentencing him to three years in jail and ordering him to repay Societe Generale in full, his continued attempts to blame the bank have led prosecutors to seek a five-year prison sentence. The 35 year old’s lack of remorse, and his lawyer’s aggressive tactics, may have weakened his chances for an appellate victory.

'I fear it will in some way have repercussions on Kerviel, and the recommendations by the prosecutor reflect that', said Paris lawyer Stephane Bonifassi, who isn’t involved in the case.'It’s a sign that the appeal didn’t go so very well'.

Kerviel changed criminal defense teams at least four times before hiring Koubbi, who had represented him in defamation cases related to the trading loss, about three months before the appeal began. Kerviel quit his job last year to devote himself to his appeal, and worked closely with Koubbi.

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Kerviel 'Love' May Not Be Enough to Overturn SocGen Verdict