Societe Generale trader does less time than UBS 'rogue'

Get Out of Jail Free Card

Jerome Kerviel, the former Societe Generale trader convicted of fraudulent transactions that led to a record loss at the bank, is getting out of jail early.

Bloomberg reports that Kerviel, to be released Sept. 8, will be monitored with an electronic bracelet, his lawyer, David Koubbi, said yesterday. Sentenced to three years, he served about five months behind bars, including almost six weeks during the investigation.

The $6.3 billion loss resulting from his trades amounts to about 32 million euros for each day Kerviel spent locked up. The 37-year-old Frenchman spent less time in jail than others infamous for financial misdeeds.

'It shows lack of severity,' said Stephane Bonifassi, a lawyer who specializes in financial crime in Paris. 'It’s emblematic of some lack of interest in punishing financial and economic crime' in France.

Bernard Madoff was sentenced to 150 years in the U.S. for running a Ponzi scheme that cost investors billions. Kweku Adoboli, sentenced to seven years after causing a $2.3 billion loss at UBS, has been in a British jail since November 2012, and served nine months before the trial. 

Hit the link below to access the complete Bloomberg News article:

Kerviel to Be Freed After Less Time in Jail Than Adoboli

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