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French rogue trader walks free 110 days into 5-year term


France

French rogue trader walks free 110 days into 5-year term

French rogue trader Jerome Kerviel, who racked up record losses for his bank Société Générale in 2008 and was jailed for five years for illegal deals, has left prison.

He served 110 days, and will wear an electronic tag which allows him to leave his home between seven in the morning and eight-thirty at night.

However he still faces a civil trial, although the state’s highest court has lifted an obligation to pay 4.9 billion euros damages to the bank.

Kerviel has in turn taken legal action against Société Générale, accusing it of forgery, bribes, and fraud. He was detained in solitary confinement while in prison for his own safety, and insists that his fight will go on to prove he was a scapegoat for the actions of people higher-up in the bank.

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