Société Générale Kerviel's lawyer called for his client to be acquitted. The ruling was announced on October 5, 2010, at 11 am. Jérôme Kerviel was found guilty of the three charges filed against him: breach of trust, fraudulent inputting of data into an IT system and forgery and use of forged documents. He was found to be solely responsible for the record loss suffered by Société Générale in early 2008, and was sentenced to five years in prison, with two of those years suspended, and ordered to pay damages of 4.9 billion euros to the Bank. Jérôme Kerviel immediately launched an appeal
Day trading as half of those positions are exited before the market close. Because of the high risk of margin use, and of other day trading practices, a day trader will often have to exit a losing position very quickly, in order to prevent a greater, unacceptable loss, or even a disastrous loss, much larger than his original investment, or even larger than his total assets. Originally, the most important U.S. stocks were traded on the New York Stock Exchange. A trader would contact a stockbroker, who would relay the order to a specialist on the floor of the NYSE. These specialists