SocGen’s “rogue trader” Jerome Kerviel is being released from jail early after serving only five months, Bloomberg News reports.
He will get out on September 8th and he’ll have to wear an electronic bracelet.
In 2008, it was revealed that Kerviel lost the French bank approximately 4.9 billion euros ($6.9 billion) through arbitrage of equity derivatives.
He was sentenced in October 2010 to three years in prison and slapped with a fine of 4.9 billion euros, but had appealed for a new trial. The appeals court in Paris court rejected his appeal earlier this year around the time he was finishing a backpacking pilgrimage to visit the pope.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.