Societe Generale rogue trader to be released early

Former Societe Generale rogue trader Jerome Kerviel is to be released from jail after just 110 days of his three-year sentence for dodgy derivatives trading, the FT reports.

Kerviel almost bankrupted his former employer through highly risky bets on the financial markets – racking up almost €40bn (£31.78bn) of the bank’s money on unauthorised trades that cost €4.9bn to unwind.

A French court sentenced him to five years’ jail in 2010, two of them suspended, for breach of trust, entering false data and forgery.

He spent years in legal wrangling before being incarcerated in May 2014 on re-entering France.

However, a court of appeal has ruled Kerviel should be released on Monday to his home with an ankle bracelet, a curfew and a community service order. 

Kerviel still maintains he was a scapegoat for Societe Generale, and that his superiors had full knowledge of his trades.