[ by Melanie Gretchen ]

Jerome Kerviel 3-year sentence translates to 1/2 year in prison for each $1 billion in trading losses.

Former Societe Generale trader Jerome Kerviel failed in his appeal to have his prison sentence reduced or commuted.  In 2010, Kerviel given a 3-year prison sentence for having lost billions on large, risky trades.  Kerviel never denied his actions - but his efforts to convince the court that others at SocGen were responsible in part for the trading losses. 

Specifically, he tried to implicate management or supervisory personnel, whom he claimed were aware of his trading activity and permitted him to continue.   

All told, SocGen booked financial losses totaling €4.9 billion ($6.35 billion) - which were realized as the bank wound down (sold off) its massive inventory that Kerviel had compiled.  The bank also suffered significant damage to its reputation. 

During the Trial, ... Kerviel never denied masking the 50 billion-euro positions during the financial crisis in early 2008.  Instead, he readily acknowledged that he made those trade, but with the knowledge and apparent approval of his supervisors - a fact that SocGen denied.

Kerveil, 35, was sentenced for 5 years in jail, 2 of which are suspended.  He also was able to obtain a delay in the start of his prison sentence.  Kerviel's lawyer, David Koubbi conceded defeat to journalists outside the court, saying:  "I can tell you that we've failed," while criticizing the sentence as "an absolutely appalling injustice."  Koubbi and client Kerviel will consider whether a further appeal is worthwhile.

For further details, go to [CNBC, 10/24/12].