George Koutsolioutsos, who along with his parents and two more defendants were jailed over falsified financial statements of their Folli Follie global jewelry business, was released on Wednesday.

The decision was by a court that convened the same day, then postponed proceedings for May 8. Koutsolioutsos, son of the founder of Folli Follie, was released from jail, where he had been held in Chalkida since the summer of 2024. He was the only one of five sentenced people to serve his jail sentence, and was released on bail of 50,000 euros, while he may not leave the country and must register at a police station twice a month.

The case was tried in 2018 after the revelation that the company's robust image was a result of fraud including fake receipts. In June 2024, a three-member criminal court returned a guilty verdict for Folli Follie founder Dimitris, his wife Kaiti, their son George, and two more individuals.

The parents, served sentences of 17 and 10 years respectively, were restricted to their home due to age. Their son received a sentence of 11 years, a female company partner received 10 years on suspension, while another male defendant was sentenced to 15 years and is a fugitive from the law.