Business

French trader arrested after fraud, odyssey

By Angela Charlton
Published May 18, 2014 11:37pm ET
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French trader arrested after fraud, odyssey
Former trader Jerome Kerviel, closes his eyes during at a press conference in front of his hotel, in Ventimiglia, Italy, near the French border, Sunday, May 18, 2014. The rogue trader facing three years in prison for one of the biggest trading frauds in history is appealing to the French president for mercy. Jerome Kerviel, who almost took down his bank, Societe Generale, with 4.9 billion euros in losses, has been on a months-long pilgrimage back to France after meeting the pope. He stopped his return just short of the border Saturday. Kerviel, convicted in 2010, insists he was the victim of a system that allowed his illegal trades as long as they made money. An appeals court threw out a fine equal to his losses, but upheld his prison sentence. Kerviel is supposed to report to start his sentence by Sunday or be considered a fugitive. (AP Photo/Claude Paris) | Claude Paris

PARIS (AP) — A Frenchman convicted of one of history’s biggest trading frauds returned home to serve prison time after a legal saga that captured the national imagination, a pilgrimage to the pope and a plea for presidential clemency.

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