Jerome Kerviel: The Poorest Man On Earth
There are a number of websites on the internet that are devoted to writing and publishing about the net worths of the wealthy and well-off members of society; yet, there is not a single website that concentrates on the impoverished and how they came to be in such a situation. The ways in which people have accumulated riches and then, as a result of some decisions they made, lost it all provide a rich source of educational material. It may appear that the impoverished are unable to inspire anyone, but if you heard the story of how Jerome Kerviel went from being wealthy to becoming the poorest man on the planet, you would be moved to action.
Jérôme Kerviel holds the title of being the poorest person on the planet. Jerome Kerviel is a French trader, consultant, and a former employee at Société Générale, which is among the most prominent financial institutions in Europe.
Jérôme Kerviel is perhaps most known for being the trader who was responsible for the loss of the greatest sum of money in the history of the planet. In 2008, he was found guilty of violating the confidence of others, engaging in forgery, and making illegal use of computers, and he was sentenced to prison.
Photograph taken by Jerome Kerviel earlier in 2014 as he was on his pilgrimage to meet the Pope. Image courtesy of the Associated Press
Jérôme Kerviel was born in Pont-l’Abbé, Brittany, France on January 11, 1977. His parents, Marie-Josée (a retired hairdresser) and Charles, gave him the name Jérôme (a blacksmith). He will turn 44 this year. He shared his upbringing with an elder brother who goes by the name Olivier.
Jérôme Kerviel received a bachelor’s degree in finance from the University of Nantes, where he also completed his undergraduate studies. This information pertains to his educational background. Jérôme Kerviel went on to get a Master of Finance degree from Lumière University Lyon 2 in the year 2000. His area of concentration was the organisation and regulation of financial markets.
Jérôme Kerviel was brought into prison by the police on January 26, 2008, after the Société Générale (SocGen) bank, where he worked as a junior trader, filed a complaint against him for fraud, breach of trust, and forgery. Jérôme Kerviel was arrested as a result of the case. On January 28, 2008, he was formally charged with violating the confidentiality of others and unauthorised access to computer systems.
On January 19, 2008, Jérôme Kerviel’s employers discovered illicit trading linked to him, and this led to the situation we are in today. By the 9th of January in 2008, Kerviel had accumulated a stock index futures position worth US$73 billion, which ultimately resulted in a loss for Societe Generale (SocGen) of US$7.2 billion.
It was rumoured that Jérôme Kerviel had participated in bogus trades around the end of 2006 and the beginning of 2007, during a time when he was succeeding financially and anticipating dropping market prices. In addition to this, it was discovered that Kerviel had started deliberately making trades that lost money in order to cancel out his early profits and disguise his tracks.
How Much Money Does Jérôme Kerviel Have?
What is Jerome Kerviel’s estimated value in the year 2022?
As a result of his outstanding debt to Societe Generale (SocGen) bank, Jérôme Kerviel has a negative net worth of $6.7 billion.
At this time, Jérôme Kerviel holds the title of being the poorest person in the world. The story of wealthy Jérôme Kerviel, who became poor with such a large amount of debt, is now the talk of the town, and many people hold that he is currently the poorest man on earth. This is despite the fact that there are so many poor people in the world, and a very greater percentage of them struggle to afford a meal daily.
The circumstances that led to Jérôme Kerviel’s designation as “the poorest person in the world”
On January 24, 2008, the Société Générale (SocGen) filed a lawsuit against Jérôme Kerviel, accusing him of fraud, breach of trust, and forgery. This action thrust him into the spotlight and made him the centre of attention.
In the year 2000, Jérôme Kerviel began working in the compliance department after having joined the middle office of the Société Générale (SocGen) bank. At that time, he was known as Jérôme Kerviel. However, he eventually received a promotion to the Delta One products unit of the bank in Paris in 2005. There, he worked as a junior-level derivatives trader and earned a yearly salary of $66,000 USD.
Reports indicate that Jérôme Kerviel began making bogus trades between the end of 2006 or the beginning of 2007 while he was performing exceptionally well financially in anticipation of declining market prices. Jérôme Kerviel began purposefully making trades that lost money in order to cancel out the gains he had made in the beginning of the game so that he could conceal his tracks.
On the other hand, Jerome Kerviel had acquired a stock index futures position worth US$73 billion by the time January 9, 2008 rolled around, which ultimately cost Societe Generale (SocGen) US$7.2 billion. After some time, on January 19, 2008, his bosses discovered that he had been involved in illicit trading. On January 26, 2008, Jerome Kerviel was brought into custody by law enforcement, and on January 28, 2008, he was formally charged with violating the confidence of others and illegally accessing computer systems.
In spite of the fact that the charges that were brought against him have a maximum prison sentence of three years, he was freed from the Fleury Merogis prison on September 8, 2014 after serving less than five months of his sentence there. At the moment, he is employed by Lemaire’s consulting firm in the capacity of an IT consultant.
His deadly risk has been compared by specialists to approximately 1.5 times the market value of a worldwide bank or five times the economic production of Cambodia. Both of these figures are very large. If no one was aware of the potentially dangerous terrain that Jerome was walking on, this may come as less of a surprise.
The net worth of the person with the lowest income in the world
Jérôme is more wretched now than people who are homeless since he has become the most indebted guy on the planet. When compared to a few years ago, when Jerome Kerviel was a chief trader at SocGen, his current net worth is shockingly low. The reason for this is because of the fact that.
A conversation about who the poorest person in the world is reveals the worst-case scenario of a wealthy man who fell on hard times, which is the opposite of what the majority of people would anticipate. Jérôme Kerviel has a negative net worth of $6.7 billion, making him the poorest man alive in the 21st century. He is likely to continue to maintain this record for a number of years to come, making him the poorest man alive in the 21st century.
If the debts that Kerviel owes to the French bank Societe Generale for fraudulent trading were assets instead of liabilities, he would have become one of the top 50 richest persons in the United States.
It’s possible that Jerome Kerviel did not fully consider the possibility that a single high-risk business strategy would cause all of his fortune to roll down the hill. His insatiable desire to accumulate a big security position would eventually lead him to anticipate suffering significant losses.
Even though Michael Sapin, the Minister of Finance for the French government, requested that he be imprisoned, his clamour to secure a presidential pardon fell on deaf ears.
The thief has been apprehended, the thief has been found guilty, and the thief must, of course, carry out the terms of his sentence.
Who currently holds the title of the poorest person on the planet?
Who do you think is the poorest man still living? Jérôme has been identified as the individual responsible for the largest financial scam in the history of the planet. In spite of his expensive wardrobe, Jerome is currently the richest man on the planet due to the fact that he owes SocGen more than $6.3 billion.
Jérôme Kerviel house
The residence of the Kerviel family can be found near Pont l’Abbe, Britanny, in the western region of France.
(Photograph by Alastair Miller/Bloomberg and made available here courtesy of Getty Images)
(Photograph by Alastair Miller/Bloomberg and made available here courtesy of Getty Images)
What is Jerome Kerviel’s current financial situation?
During the time that he was waiting for his trial to begin in April 2008, Jerome Kerviel found work at Lemaire Consultants & Associates. He was put to work as a technical consultant and given a monthly salary of 2,300 euros. At this point in time, Kerviel is leading an ordinary life. According to a number of reports, Jérôme Kerviel is the individual with the biggest outstanding debt in the world, owing Société Générale a total of $6.3 billion. On September 23, 2016, a French appeals court reduced the amount of damages that were supposed to be paid by the dishonest trader Kerviel to €1 million ($1.12 million; £860,000). As a result, Kerviel’s debt to Société Générale is no longer up to $6.3 billion.
One could argue that Kerviel does not have any debts because the bank itself is under the impression that he will not be able to pay. Caroline Guillaumin, a spokeswoman for SocGen, stated that the restitution was “symbolic,” and that the bank did not anticipate that the cash would be paid. She indicated that the bank had no hope that the sum would be returned. However, according to a report that was published by 20 Minutes in June 2020, the bank has not entirely given up the goal of recouping the one million euro from Kerviel. According to the complaint, the bank contacted Kerviel’s attorney to enquire about the court-ordered payment after notifying the attorney of the situation.
Where can we find Jérôme Kerviel at this time?
What exactly is Jerome Kerviel doing at this very moment? Jerome Kerviel is still in the city of Paris, which is located in France. It was in April 2008 when he was offered a position with Lemaire Consultants & Associates; however, it is unknown whether or not he is still employed there. Because of how much debt he is carrying, Kerviel will most certainly make sure that his employments remain hidden from the media so as not to encourage SocGen to go after him for their money.
The spouse of Jerome Kerviel
In 2008, before to Jérôme Kerviel’s imprisonment, he and his wife went their separate ways. There is no information available about his wife. At this time, it is unknown whether or not he ultimately got a divorce and remarried after the first marriage ended.