French ex-trader to be released from prison

Posted Thursday, Sep. 04, 2014  comments  Print Reprints

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The Paris appeals court has authorized the controlled release of a Frenchman convicted of one of history's biggest trading frauds.

Less than four months after he was taken into custody, Jerome Kerviel is to be released from France's Fleury-Merogis prison south of Paris on Monday wearing an electronic bracelet.

Appeals court spokeswoman Magali Josse said Kerviel will have freedom of movement on weekends and during the day on weekdays.

Kerviel cost Societe Generale 4.9 billion euros in losses in 2008, just before the financial market meltdown. He claimed the bank had quietly welcomed his unauthorized trades when they made money, but turned against him when his trades turned sour.

The 37-year-old ex-trader has also been ordered to pay 4.9 billion euros in damages — seen as an unlikely possibility.

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