• France's news in English

Rogue trader Kerviel to be freed from jail

The Local/AFP · 4 Sep 2014, 14:15

Published: 04 Sep 2014 14:15 GMT+02:00

Facebook Twitter Google+ reddit

Jérôme Kerviel, the French "rogue trader" who lost one of Europe's biggest banks nearly five billion euros with wildly risky bets, will be freed from jail on Monday, his lawyer said.

The Paris appeals court ruled that the 37-year-old  can be released from a prison just south of the capital and placed under supervision with an electronic bracelet, David Koubbi told journalists.

Kerviel, was convicted after his high-risk trading cost his former employer Societe Generale nearly €5 billion and brought one of the biggest banks in Europe to the brink of bankruptcy.

He was originally sentenced to three-years behind bars but will, in the end, only serve around 100 days.

Before being locked up in May Kerviel, 37, had spent two months on a walk from Rome intended to raise awareness of what he regards as the unfair treatment he has received from the courts.

Kerviel embarked on the walk after meeting briefly with Pope Francis on February 19 and he was still in Italy a month later when France's top appeals court upheld his 2010 conviction for breach of trust, forgery and entering false data. He was arrested after crossing the border into France.

Although the March court ruling upheld Kerviel's sentence - a five-year prison term with two suspended - it cancelled an order for the former trader to pay back the money he lost and ordered a review of the damages award.

Story continues below…

The ex-trader has become something of a cause celebre in France, winning support from prominent left-wingers and leading figures in the Roman Catholic Church who believe he has been unfairly scapegoated for the shortcomings of his employer and the entire banking system.


The Local/AFP (ben.mcpartland@thelocal.com)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Where exactly in France are Calais migrants being sent?
Photo: AFP

Here's where the 8,000 migrants in Calais are heading.

The annoying questions only a half French, half British person can answer
Photo: Beery/Flickr/AFP

Being half French, half British is means you get asked a lot of questions (and some of them can be a little annoying.)

Migrants bussed out of Calais Jungle to all corners of France
All photos: AFP

Hundreds of migrants are being bussed across France on Monday ahead of the demolition of the Jungle camp.

The must-see French films of the millennium - Part One
A Prophet. Photo: YouTube Screengrab

Looking for something to watch?

The must-see French films of the millennium - Part Two
Rust and Bone. Photo: YouTube Screengrab

The newest French films you need to see before you die (or alternatively when you get some spare time).

Election Watch
Presidential hopeful reckons a pain au chocolat is 10 cents

So France happily takes the pastry out of him.

French ministry of defence officials die in plane crash
Screengrab: eddydeg/Twitter

The French Ministry of Defence officials were killed on Monday when a light aircraft went down on the island of Malta.

Revealed: The ten most stolen cars in France
A Smart car in Paris. Photo: JR_Paris/Flickr

Thieves in France are getting a taste for luxury cars, it seems.

Analysis - France migrant crisis
Migrant crisis won't end with Calais 'Jungle' closure
All Photos: AFP

The Jungle camp may be being cleared but this won't be the end of the migrant crisis in France.

Brad Pitt and Angelina Jolie 'to sell their French chateau'
All photos: AFP

Want to live where Brangelina got married?

The annoying questions only a half French, half Brit can answer
Sponsored Article
Last chance to vote absentee in the US elections
Forget Brangelina's chateau - here are nine others you've got to see
The must-see French films of the millennium - Part One
How life for expats in France has changed over the years
Why Toulouse is THE place to be in France right now
Video: New homage to Paris shows the 'real side' of city
The 'most dangerous' animals you can find in France
Swap London fogs for Paris frogs: France woos the Brits
Anger after presenter kisses woman's breasts on live TV
Is France finally set for a cold winter this year?
IN PICS: The story of the 'ghost Metro stations' of Paris
How to make France's 'most-loved' dish: Magret de Canard
Welcome to the flipside: 'I'm not living the dream in France'
Do the French really still eat frogs' legs?
French 'delicacies' foreigners really find hard to stomach
French are the 'world's most pessimistic' about the future
Why the French should not be gloomy about the future
This is the most useful French lesson you will ever have. How to get angry
Why is there a giant clitoris in a field in southern France?
French pastry wars: Pain au chocolat versus chocolatine
Countdown: The ten dishes the French love the most
Expats or immigrants in France: Is there a difference?
How the French reinvented dozens of English words
jobs available