NEW YORK (TheStreet) -- Jerome Kerviel, the rogue trader whose wild bets led French bank Societe Generale (SCGLY) to a multi-billion dollar loss in early 2008, has been sentenced to three years in prison.
The prison term is, ironically, where he gets off easy, as it will likely take several lifetimes to pay his fine -- a whopping $6.7 billion.
The figure is equal to the amount it cost Societe Generale to unwind his speculative trades, which the bank claims were unauthorized. Kerviel claimed throughout his trial that the bank knew of his activities and chose to turn a blind eye so long as his bets made money.
It would take Kerviel 304,000 years to pay his dues, the Wall Street Journal estimates, assuming he gets paid minimum wage once he is freed from prison.
|A Paris court sentenced former Societe Generale trader Jerome Kerviel, 33, to three years in prison.|
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV