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
2011 UBS rogue trader scandal Adoboli to cause over $2 billion losses through unauthorized trading in London. 2011 UBS rogue trader scandal The 2011 UBS rogue trader scandal caused a loss of over US$2 billion dollars at Swiss bank UBS, as a result of unauthorized trading performed by Kweku Adoboli, a director of the bank's Global Synthetic Equities Trading team in London in early September 2011. On 24 September 2011, Oswald Grübel, the CEO of UBS, resigned "to assume responsibility for the recent unauthorized trading incident", according to a memo to UBS staff. On 5 October Francois Gouws and Yassine Bouhara, the co-heads of Global