Rogue trader Jerome Kerviel to be released from prison

Jerome Kerviel, the former Societe Generale trader convicted of fraudulent transactions that led to a record loss, will be released from prison on September 8th, said his lawyer.

Kerviel (37) was convicted of forgery and breach of trust after his trades lost the French bank €4.9 billion in 2008.

He was given a three-year jail term in 2010 and his conviction was eventually upheld in March this year.

After his release, he will be monitored with an electronic bracelet, according to reports.

Kerviel's transgressions first came to light in January 2008. His bad bets rocked the financial world and stirred a national debate about the banking culture even before the financial crisis hit Europe.

The unwinding of his unauthorised bets of more than €50 billion exceeded the market value of France’s second-largest lender and resulted in a record loss of €4.9 billion for Paris-based Societe Generale.

Bloomberg