Bloomberg reports that Kerviel, 35, is fighting a 2010 guilty verdict, for which he was sentenced to three years in prison and ordered to repay the bank for its losses. Prosecutors this week asked for the maximum five years, a tougher recommendation than the lower court prosecution requested.
'At no point did I ever lie to the justice system', Kerviel said, standing to speak yesterday after about five hours of closing statements by his lawyers. He asked for the “forgiveness' of the Societe Generale employees, adding 'they have suffered in the system in which I took part'.
The court is to issue its decision October 24th Kerviel and his lawyers didn’t back down from the aggressive strategy they’ve pursued in their appeal. Defense attorneys conceded their client admitted to exceeding trading limits, falsifying documents and lying to people who questioned him about his bets and faked hedges he created to mask the losses. They argued that none of the actions rose to the level of a crime in France.
Kerviel said throughout the proceeding that his superiors knew what he was doing and advanced a theory that the bank allowed him to take such risks in order to use him as a scapegoat and distract from its losses on the U.S. subprime mortgage market.
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