France Frees Rogue Trader Kerviel

He'll be under 'judicial control' during probe of $8B SocGen loss
By Rob Quinn,  Newser Staff
Posted Mar 18, 2008 8:50 AM CDT
Societe Generale trader Jerome Kerviel's lawyer Elisabeth Meyer, center, speaks to the medias at courthouse in Paris Tuesday, March 14, 2008.    (AP Photo/Francois Mori)
camera-icon View 3 more images

(Newser) – Jerome Kerviel, the trader accused of an $8 billion fraud that nearly brought down Societe Generale, has been freed by a Paris court after five weeks in detention, the Guardian reports. The trader, who faces charges including breach of trust and falsifying documents, will remain free while the case is investigated but won't be allowed to leave Paris.

"There was no justification for his continued detention," his lawyer said. A lawyer for SocGen said he was satisfied with the conditions of release: Kerviel will have to hand in his passport, report to police once a week, and not go near trading floors. Kerviel claims the bank's bosses knew what he was doing but turned a blind eye as long as he was profitable.