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Originally published Tuesday, October 23, 2012 at 10:03 PM

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Paris appeals court holds convicted trader's fate

Former trader Jerome Kerviel will soon learn whether he must go to jail for covering up billions of dollars in losses while working as a trader for a top French bank - and reimburse the (EURO)4.9 billion (about $7 billion) it took to unwind his deals.

The Associated Press

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PARIS —

Former trader Jerome Kerviel will soon learn whether he must go to jail for covering up billions of dollars in losses while working as a trader for a top French bank - and reimburse the (EURO)4.9 billion (about $7 billion) it took to unwind his deals.

The Paris appeals court gives its verdict Wednesday, deciding whether Kerviel was a fraudster or the victim of a greedy system as he claims.

The 35-year-old Kerviel was sentenced to three years in prison in October 2010, and ordered to reimburse Societe Generale for its loss. The prosecution wants a five-year term, calling him a "perverse manipulator."

Kerviel, seeking an acquittal, claims the bank turned a blind eye to his exorbitant trades in late 2007 and early 2008 as long as they made money.

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