A Sad Story Of How Rich Man Jerome Kerviel Became The Poorest Person In The World

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Jerome Kerviel is a French trader, consultant and former employee at one of the largest banks in Europe, Société Générale. He is presently the poorest person on the Earth.

Jerome Kerviel, the former trader at Societe Generale SA, stands outside the Paris appeals court during a break on the opening day of the trial in Paris, France, on Monday, June 4, 2012. Kerviel began his fight today against a 2010 conviction for Societe Generale SA’s 4.9 billion-euro ($6.2 billion) trading loss, telling a Paris appeals court that the bank knew about his actions. Photographer: Balint Porneczi/Bloomberg via Getty Images

Jerome Kerviel has dropped out of the race as far as the pursuit of wealth is concerned as he has become a worst-case scenario of a rich man turned poor.  Jerome Kerviel was born on 11, 1977 in Pont-l’Abbé, Brittany, France.

Jerome Kerviel was born to Marie-Josée (a retired hairdresser) and Charles (a blacksmith). He was raised alongside an older brother named Olivier. Jerome Kerviel graduated from the University of Nantes with a bachelor’s degree in finance with regards to his educational background.

Jerome Kerviel later graduated from Lumière University Lyon 2 in 2000 with a Master of Finance specializing in organization and control of financial markets.

VENTIMIGLIA, ITALY – MAY 17: Former Societe General Bank trader Jerome Kerviel arrives near the French Border on May 17, 2014 in Ventimiglia, Italy. The former trader is facing three years in prison for his part in one of the biggest banking frauds in history, causing almost with 4.9 billion in losses to his former employer. He must begin his sentence by Sunday or will be officially recognised as a fugitive. (Photo by Didier Baverel/Getty Images)

Jerome Kerviel Scandal

Jerome Kerviel became the centre of attention on 24 January 2008 when the Société Générale (SocGen) filed a lawsuit for fraud, breach of trust and forgery against him.

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Jerome Kerviel had joined the middle office of the bank Société Générale (SocGen) in the year 2000 where he began working in its compliance department. However, he was later promoted to the bank’s Delta One products team in Paris in 2005 where he worked as a junior-level derivatives trader earning US$66,000 per year.

According to reports, Jerome Kerviel began creating fictitious trades in late 2006 and early 2007 whiles excelling profitably in anticipation of falling market prices. In order to mask his footsteps, Jerome Kerviel started creating losing trades intentionally so as to offset his early gain.

However, by January 9, 2008, Jerome Kerviel had amassed a stock index futures position of US$73 billion which ended up costing Societe Generale (SocGen) US$7.2 billion. His employers later uncovered unauthorized trading linked to him on 19 January 2008. Jerome Kerviel was taken into police custody on 26 January 2008 and was formally charged on 28 January 2008 with abuse of confidence and illegal access to computers.

Jerome Kerviel, former trader for Societe Generale SA, arrives outside Versailles courthouse in Versailles, France, on Friday, Jan. 29, 2016. Kerviel won a temporary delay of a trial into whether he’s fully responsible for Societe Generale’s 4.9 billion-euro ($5.3 billion) losses until another court rules on the former trader’s bid for a re-examination of his criminal conviction. Photographer: Marlene Awaad/Bloomberg via Getty Images

Despite the fact that the charges filed against him carry a maximum three-year prison term, he served less than five months of detention and was released from Fleury Merogis prison on 8 September 2014. He is currently working as an IT consultant at Lemaire’s consultancy firm.

Jerome Kerviel Net Worth

Jerome Kerviel has a net worth of -$6.7 billion making him the poorest person in the world. Kerviel would have become one of the 50 richest people in America if the debts he owes to French bank Societe Generale for fraudulent trades were assets.