"Rogue Trader" Gets 3 Years, $6.7B Fine

The “rogue trader” who cost his former employer, French bank Société Générale, $7.1 billion through a series of high-stakes bets that leveraged fictitious transactions outside his trading limit was sentenced today to 3 years in prison and a “symbolic” $6.7 billion fine.

A spokeperson for Société Générale said the fine was only a gesture and that they did not expect to get paid.

In 2008, Jérôme Kerviel drew big headlines with his escapades. Throughout the ordeal he maintained that he was just trying to make money for his firm and that his bosses silently approved of his methods as long as they were profitable.

Rogue Trader at Société Générale Gets Jail Term [NYT]

Bank Says It Has Lost $7 Billion, Blames “Rogue Trader”