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| Ex-Trader’s Pilgrimage Culminates in Jail Cell | |
| (about 3 hours later) | |
| PARIS — Two days after suspending what he had billed as an almost spiritual trek from Vatican City to Paris, the convicted rogue trader Jérôme Kerviel crossed from Italy into France on Sunday and turned himself in to the French authorities, minutes before a midnight deadline. | PARIS — Two days after suspending what he had billed as an almost spiritual trek from Vatican City to Paris, the convicted rogue trader Jérôme Kerviel crossed from Italy into France on Sunday and turned himself in to the French authorities, minutes before a midnight deadline. |
| “I present myself as a free man before the police and French justice,” Mr. Kerviel, 37, announced to the scrum of reporters that had accompanied him for the 10 miles from Ventimiglia, on the Italian Riviera, to the border just outside the French town of Menton, where the former trader had been ordered to surrender to begin serving a three-year sentence for fraud. He had completed a little over 400 miles of the planned 1,000-mile journey. | “I present myself as a free man before the police and French justice,” Mr. Kerviel, 37, announced to the scrum of reporters that had accompanied him for the 10 miles from Ventimiglia, on the Italian Riviera, to the border just outside the French town of Menton, where the former trader had been ordered to surrender to begin serving a three-year sentence for fraud. He had completed a little over 400 miles of the planned 1,000-mile journey. |
| Mr. Kerviel emerged on the French side of a highway tunnel between the two countries and thanked a crowd of well-wishers, many of whom had followed his journey via Twitter and Facebook since he set off from Rome on foot two and a half months ago, shortly after meeting Pope Francis outside St. Peter’s Basilica. | Mr. Kerviel emerged on the French side of a highway tunnel between the two countries and thanked a crowd of well-wishers, many of whom had followed his journey via Twitter and Facebook since he set off from Rome on foot two and a half months ago, shortly after meeting Pope Francis outside St. Peter’s Basilica. |
| “The fight will continue no matter what happens,” Mr. Kerviel said, minutes before he was whisked into an unmarked police car. “Société Générale, and finance in general, have not heard the last from me.” | “The fight will continue no matter what happens,” Mr. Kerviel said, minutes before he was whisked into an unmarked police car. “Société Générale, and finance in general, have not heard the last from me.” |
| Mr. Kerviel, 37, was convicted in 2010 for his role in amassing 50 billion euros, or $68.5 billion, in unauthorized trades while working at Société Générale. He was also ordered to compensate the French bank for the €4.9 billion in losses it incurred while unwinding his trades. | Mr. Kerviel, 37, was convicted in 2010 for his role in amassing 50 billion euros, or $68.5 billion, in unauthorized trades while working at Société Générale. He was also ordered to compensate the French bank for the €4.9 billion in losses it incurred while unwinding his trades. |
| Mr. Kerviel has lost two appeals of his conviction, but in March the highest court in France, the Court of Cassation, vacated the order that he pay restitution. The Court of Cassation found that the lower court’s sentence had failed to fully take into account the weaknesses in Société Générale’s risk-management systems at the time of Mr. Kerviel’s illegal trades. The high court called for a civil trial to determine any damages Mr. Kerviel might have to pay. | Mr. Kerviel has lost two appeals of his conviction, but in March the highest court in France, the Court of Cassation, vacated the order that he pay restitution. The Court of Cassation found that the lower court’s sentence had failed to fully take into account the weaknesses in Société Générale’s risk-management systems at the time of Mr. Kerviel’s illegal trades. The high court called for a civil trial to determine any damages Mr. Kerviel might have to pay. |
| The Élysée Palace issued a statement on Saturday saying it was prepared to consider a formal request from Mr. Kerviel for a presidential pardon. But the former trader rebuffed that offer on Sunday, insisting that he was innocent. | The Élysée Palace issued a statement on Saturday saying it was prepared to consider a formal request from Mr. Kerviel for a presidential pardon. But the former trader rebuffed that offer on Sunday, insisting that he was innocent. |
| “Asking for a pardon is admitting you’re guilty, something I’ve been fighting for six years,” he said. “I will never get down on my knees in front of such an unfair ruling.” | “Asking for a pardon is admitting you’re guilty, something I’ve been fighting for six years,” he said. “I will never get down on my knees in front of such an unfair ruling.” |
| Instead, Mr. Kerviel urged President François Hollande to grant immunity to witnesses who, he said, would be willing to testify in support of a criminal complaint that Mr. Kerviel filed last month in which he said that Société Générale had paid off a witness in his original trial. | Instead, Mr. Kerviel urged President François Hollande to grant immunity to witnesses who, he said, would be willing to testify in support of a criminal complaint that Mr. Kerviel filed last month in which he said that Société Générale had paid off a witness in his original trial. |
| The bank has dismissed Mr. Kerviel’s accusation as unfounded. | The bank has dismissed Mr. Kerviel’s accusation as unfounded. |
| Mr. Kerviel has never denied falsifying documents and entering fake trades into Société Générale’s computer systems. But he has maintained that his bosses turned a blind eye to his activities and even tacitly encouraged him, as long as his deals were profitable. | Mr. Kerviel has never denied falsifying documents and entering fake trades into Société Générale’s computer systems. But he has maintained that his bosses turned a blind eye to his activities and even tacitly encouraged him, as long as his deals were profitable. |
| Mr. Kerviel’s legal battles had largely disappeared from the headlines in recent years, overshadowed by other, more spectacular banking transgressions. But he resurfaced in February after it emerged that he and his lawyer, David Koubbi, had spoken with Pope Francis. | Mr. Kerviel’s legal battles had largely disappeared from the headlines in recent years, overshadowed by other, more spectacular banking transgressions. But he resurfaced in February after it emerged that he and his lawyer, David Koubbi, had spoken with Pope Francis. |
| In interviews and Twitter posts since then, Mr. Kerviel, whom his lawyer described as a lapsed Catholic, has described his meeting with the pope as a transformative moment that inspired him to undertake his trek, spreading his message about the “tyranny” of the financial markets. | In interviews and Twitter posts since then, Mr. Kerviel, whom his lawyer described as a lapsed Catholic, has described his meeting with the pope as a transformative moment that inspired him to undertake his trek, spreading his message about the “tyranny” of the financial markets. |