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While we all know who is the richest person in the world, not a lot of people know the answer to who is the poorest person in the world.
If you are someone who is among the few curious-minded people and want to know the name of the poorest person in this world, you will find this article to be of help. In this blog, I will be focusing on the life and other information about the person that you are looking for.
Keep reading this article till the end to learn more…
While we all know the name of the wealthiest man in the world, not a lot of people usually search for the name of the poorest man. We get to read tons and tons of articles on what Elon Musk, the former richest person, and Arnold Bernault, the present richest in the world, do and how they became rich. But have you ever considered who the poorest person in the world is? Or about how did the man become so?
If you are looking for the name of the poorest man in the world, you are going to find it here. For starters, the name of the poorest person in the world is Jerome Kerviel. He is a rogue trader who hails from France.
Want to know more about him and how he became the poorest person in the world? Well, all you need to do is keep reading this article till the end…
|Known By||Jerome Kerviel, poorest man in the world|
|Date Of Birth||11 January 1977|
|Age||Forty-five years (45 years)|
|Place Of Birth||Pont-l’Abbé, France|
|Name Of Father||Charles|
|Name Of Mother||Marie-Josée|
|Education||Lumière University Lyon 2 (Master’s Degree in Finance),University of Nantes (Bachelor’s Degree in Finance)|
Jerome Kerviel, also known as the poorest man in the world, is a rogue trader from France. In the year 2008, he was convicted for the trading loss of Société Générale, the French bank.
He was born in Pont-l’Abbé, France, and comes from a very humble family, with his mother being a retired hairdresser and his father a blacksmith. Kerviel graduated with a Master’s Degree in Finance in the year 2000.
Even though he is now out of jail after serving a period of three years, he is in debt of nearly five billion euros. This forty-five-year-old man had joined Société Générale in 2000 at the age of twenty-three. And after gathering all the knowledge and learning about the ways in which the bank worked, he decided to use the bank’s computers for unauthorized trading.
So, how did he manage to become the poorest person in the world? Keep reading till the end to learn more…
Jerome Kerviel was very well versed with the working of SocGen after working there for several years. And that is the reason why he knew almost everything about the policies that the company had for regulating the trades among its brokers.
Taking advantage of the policies, he started betting while creating fake trades. While these trades did him profit initially, he was scared of the success. He feared that the bank would discover the forgery and sue him.
In order to cover up for the criminal activities, which included unauthorized transactions for about seventy-three billion dollars, he tried to generate losses for the bank. According to Business Insider, “Kerviel was betting on markets going higher, despite the fact that the subprime mortgage crisis was just beginning. Global markets were looking wobbly and astute traders were going short, or betting on markets going down – the opposite of what Kerviel was doing.”
When the compliance officer working at the bank discovered that a trade had exceeded the “bank’s risk threshold,” he realized that there was no such trade that existed at that moment.
With a thorough investigation, the news and other details about Kerviel’s illegal actions leaked out. According to reports, it was figured that “Jerome Kerviel had lost SocGen US$7.2 billion, making him the worst rogue trader in history, at least in terms of money lost.”
Jerome Kerviel was charged with illegal and unauthorized trading. Even though many people thought that he was on the run, Jerome’s lawyers stated that he was in Paris. He handed himself to the officers of the French authority, and that is how the legal repercussions started in the year 2008.
According to CNN, he was charged with “abuse of confidence” in January 2008. The report also stated, “The abuse of confidence charge could bring a maximum sentence of three years in prison, lawyers have said because it is a non-aggravated charge. Had the charge been aggravated, it would have brought a maximum of seven years behind bars.”
While his trial began in 2010, and he was initially sentenced to a term of five years, he only served in jail for three years. According to The Telegraph, “the Paris appeals court ruled this afternoon that Mr Kerviel was a fraudster rather than the victim of a greedy system as he had claimed all along.”
The court had ordered Kerviel to reimburse the entire sum of 4.9 billion euros to the Société Générale. However, in the year 2016, he won his claims against SocGen’s unfair dismissal.
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The name of the poorest man in the world is Jerome Kerviel. He is a french rogue trader. Currently, he is in debt of nearly fifty billion euros. He was sentenced to three years in prison in the year 2015.
In case you were in search of the answer to who is the poorest person in the world, I hope that you found this article to be helpful. If there is any other query that you might have regarding the poorest man on earth, please feel free to ask me.
All you need to do is a comment in the box at the bottom of the page. And I will be there to answer them!