Rogue trader who lost billions walks free 110 days into 5-year term
- 10 years ago
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.
A press pack awaited him as he walked free after an unexpectedly short time behind bars.
“I’m really happy to be out today, it’ll be a lot easier for me now, obviously, and those close to me, to work on my case and carry on my fight for justice,” he said.
Kerviel’s lawyer insisted the whole truth of the affair was overdue.
“It’s high time today for the so-called Kerviel Affair sofware to be rebooted, so we can see it for what it is, no ‘Kerviel affair’, but a Société Générale affair. As you know, we have filed several complaints against the bank,” said David Koubbi.
Kerviel accuses Société Générale of forgery, bribery, 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.
Kerviel 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.
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.
A press pack awaited him as he walked free after an unexpectedly short time behind bars.
“I’m really happy to be out today, it’ll be a lot easier for me now, obviously, and those close to me, to work on my case and carry on my fight for justice,” he said.
Kerviel’s lawyer insisted the whole truth of the affair was overdue.
“It’s high time today for the so-called Kerviel Affair sofware to be rebooted, so we can see it for what it is, no ‘Kerviel affair’, but a Société Générale affair. As you know, we have filed several complaints against the bank,” said David Koubbi.
Kerviel accuses Société Générale of forgery, bribery, 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.
Kerviel 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.
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.