Jérôme Kerviel, the former "rogue" trader at Société Générale, whose trades cost the bank $6.7 billion, was today convicted of breach of trust and other crimes.  Mr. Kerviel, 33, was ordered to pay restitution of 4.9 billion euros, or $6.7bn - the entire amount the bank lost unwinding his trades in early 2008 - and sentenced to at least 3 years in prison.  He also was barred from the industry.

A spokesperson for SocGen said the damage award was a “symbolic” sum, and that the bank didn't expect it to be paid.  More imporantly, the verdicdt was “important, and we are satisfied, because it recognizes that the entirety of the bank’s losses are attributed to Jérôme Kerviel’s actions.” 

Mr. Kerviel’s lawyer plans to appeal immediately, saying, “This judgment is totally unreasonable.  It suggests that the bank is not responsible for anything, that no system of control could have prevented this.”  [NYT Dealbook, 10/5]