Appeal keeps French rogue trader Kerviel in jail

Staff Writer
Columbus CEO

PARIS (AP) — A Frenchman convicted of one of history's biggest trading frauds was accorded a conditional release from prison — only to have freedom denied with a quick appeal by the prosecutor's office.

The prosecutor's office in Evry, south of Paris, appealed the decision on Friday shortly after a judge decided that Jerome Kerviel could be freed with an electronic bracelet.

The prosecutor's office said in a statement its appeal "suspends the execution of the decision."

The Paris Appeals Court must rule on the case within two months.

Kerviel cost Societe Generale 4.9 billion euros ($7 billion at the time) in losses in 2008, rocking the banking world just before the financial market meltdown.

Kerviel was convicted, sentenced to three years in prison and ordered to pay back the money he lost.