Trader who lost €4.9 bn walks free after 100 days in jail | business | Hindustan Times
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Trader who lost €4.9 bn walks free after 100 days in jail

The rogue trader who worked for France’s Societe Generale and shocked the world with the biggest trading fraud in history is set to walk free on Monday — with an electronic tag on his ankle to track him. His lawyer said he would now lead a normal life.

business Updated: Sep 05, 2014 23:23 IST
Noopur Tiwari

The rogue trader who worked for France’s Societe Generale and shocked the world with the biggest trading fraud in history is set to walk free on Monday — with an electronic tag on his ankle to track him. His lawyer said he would now lead a normal life.

Jerome Kerviel also has an unlikely halo: he enjoys widespread sympathy as a poor boy who was scapegoated by an exploitative banking system.

Société Générale disowned him even though Bank of France Governor Christian Noyer called him a “computer genius.”

Kerviel, who fought a three-year battle in which he implicated SG as blessing his deals, even met the Pope, giving a boost to his image of a common man fighting against greed. He served just 100-odd days in jail for betting 50 billion euros (Rs 390,000 crore at current rates), causing a 4.9 billion-euro loss.

He was asked by courts to return this sum to the bank but the fine was later rolled back.

He said he was dismissed unfairly – and sought exactly the loss amount in damages.

“I am an ordinary person. I’m not crazy,” Kerviel said during the investigation. “I didn’t earn millions and I didn’t drive a Porsche.”
Kerviel’s anti-hero story inspired a graphic novel – and a soon-to-be released movie.