Jerome Kerviel is at the number one spot as the poorest person in the world. Jerome who was once a very wealthy man has fallen out of the quest for more riches because he is now a worst-case example of a wealthy guy who has become impoverished. He was a French Trader, Consultant and Former employee at one of the largest banks in Europe, Société Générale. There are more than 700 million people living below the poverty line each day, but none is as poor as him.
You might still get to ask, how sure are we that Jerome is the poorest man on earth? Here’s a detailed breakdown to that question.
Mini Bio on Jerome Kerviel
Jerome Kerviel was born on 11, 1977 in Pont-l’Abbé, Brittany, France 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. Jerome Kerviel later graduated from Lumière University Lyon 2 in 2000 with a Master of Finance specializing in organization and control of financial markets.
How It All Started
Jerome Kerviel is currently suffering from the misfortune he brought upon himself. He once worked for his Delta One division in the year 2015, Delta One division comprises of software investing, exchanges, ETFs, algorithmic trading, and equity derivatives.
The Finance minister of France, Christian Noyer, lauded him as a “Computer Expert.” On the other hand, his computer expertise was in improper hands, as he conducted $73 billion in fraudulent transactions and data theft. He was using these incredible amounts of money to participate in arbitrage trading, which is profiting from several stocks dealing in various prices when they ought to be trading at the same rate. Unfortunately, at the point the scam was revealed, he had amassed large bets and liabilities, owing the company $6.3 billion, which he will never be able to repay.
What happened to Jerome Kerviel is both shocking and terrifying. Many people can’t stop wondering how a wealthy tycoon could lose his riches in an instant.
Jerome Kerviel was taken into police custody on 26 January 2008 after the Société Générale (SocGen) bank where he worked as a junior trader filed a lawsuit for fraud, breach of trust and forgery against him. He was formally charged on 28 January 2008 with abuse of confidence and illegal access to computers.
Since dabbling in fraudulent contracts, scams, and other dubious operations worth $73 billion, he is $6.3 billion in debt. As a result, Jerome Kerviel is the most bankrupt guy on earth, making him the poorest man on the planet. He had been an ex-Societe Generale Merchant who surrendered to French police and was imprisoned for three years.