Jerome Kerviel, a former trader at Société Générale, who was sentenced to three years in prison in 2010 after being convicted of unauthorised computer use, forgery and breach of trust, has lost his appeal.
The trader, who has an advanced knowledge of IT after having previously worked in Société Générale’s IT department, had circumvented the bank’s security controls and made a series of unauthorised transactions.
“The appeals court…upholds the ruling,” the judge told the rogue trader.
As well as the prison sentence, Kerviel was also told that he would have to pay back the losses incurred by the bank in 2008 – approximately £4 billion.
However, according to the BBC, Société Générale has said that it will not demand the full repayment and it will take into account Kerviel’s income and assets when deciding on the amount.
Kerviel’s lawyer has said a second appeal against the original ruling may be considered.
"We defended Jerome Kerviel vigorously and I confirm that despite all the evidence put forward by the defence, it was not enough to dissuade [the court] against the original verdict," said David Koubbi.
"Our aim was to defend Mr Kerviel against a lamentable injustice. I admit we have failed.
"We will continue to support Mr Kerviel in his fight and we will now decide with him if we can take this further with the court of cassation."
French regulators have also fined Société Générale 4 million euros for failures in its internal risk management systems following the scandal.
The bank spent €130 million between 2008 and 2009 to strengthen its systems and controls. But in August 2010, it was fined £1.6 million by the UK Financial Services Authority for failures that meant it was inaccurately reporting four in every five of its transactions.