Jerome Kerviel is a French trader, consultant, and former employee of Société Générale, one of Europe’s major banks. He is currently the world’s poorest individual.
Jerome Kerviel, a former Societe Generale SA trader, appears outside the Paris appeals court during a break on Monday, June 4, 2012, in Paris, France. Kerviel launched his appeal against a 2010 conviction for a 4.9 billion-euro ($6.2 billion) trading loss at Societe Generale SA today, telling a Paris appeals court that the bank was aware of his conduct. Balint Porneczi/Bloomberg via Getty Images Photographer
Jerome Kerviel has pulled out of the game in terms of pursuing riches, since he has devolved into the worst-case scenario of a wealthy guy becoming impoverished. Jerome Kerviel was born in Pont-l’Abbé, Brittany, France on November 11, 1977.
Jerome Kerviel is the son of Marie-Josée (a retired hairstylist) and Charles Kerviel (a blacksmith). He was brought up with his older brother, Olivier. Jerome Kerviel earned a bachelor’s degree in finance from the University of Nantes.
Jerome Kerviel later earned a Master of Finance from Lumière University Lyon 2 in 2000, concentrating in the structure and control of financial markets.
Scandal surrounding Jerome Kerviel
Jerome Kerviel came to public prominence on 24 January 2008, when Société Générale (SocGen) filed a lawsuit against him for fraud, breach of trust, and forgery.
Jerome Kerviel joined Société Générale’s (SocGen) middle office in 2000 and began working in the bank’s compliance department. He was eventually moved to the bank’s Delta One products unit in Paris in 2005, where he earned US$66,000 per year as a junior derivatives trader.
According to sources, Jerome Kerviel began generating fraudulent trades in late 2006 and early 2007 as a way to profit from dropping market prices. To conceal his tracks, Jerome Kerviel began purposefully producing lost deals to offset his first gain.
By January 9, 2008, Jerome Kerviel had acquired a US$73 billion stock index futures position, which ultimately cost Societe Generale (SocGen) US$7.2 billion. On 19 January 2008, his employers discovered illicit trading associated with him. Jerome Kerviel was arrested on 26 January 2008 and charged formally on 28 January 2008 with abuse of trust and unauthorized access to computers.
Jerome Kerviel, a former Societe Generale SA trader, appears outside the Versailles courthouse on Friday, Jan. 29, 2016, in Versailles, France. Kerviel obtained a temporary restraining order against a trial to determine if he is completely accountable for Societe Generale’s 4.9 billion-euro ($5.3 billion) losses, pending the outcome of another court’s ruling on the former trader’s request for a re-examination of his criminal conviction. Marlene Awaad/Bloomberg via Getty Images Photographer
Despite the fact that the accusations against him carry a potential three-year jail sentence, he was freed from Fleury Merogis prison on 8 September 2014 after serving less than five months in custody. He is presently employed as an information technology consultant at Lemaire’s consulting business.
Jerome Kerviel’s net worth is unknown.
Jerome Kerviel’s net worth is -$6.7 billion, making him the world’s poorest person. Kerviel would have been one of America’s top 50 wealthiest individuals if the debts he owes to French bank Societe Generale for fraudulent trading had been classified as assets.