Crime and Fraud
Rogue Trader Lost His Bank $5 Billion
Jerome Kerviel is a former French trader who became infamous for his role in the largest financial fraud in French history.
He was born on January 11, 1977, in Pont-'Abbe, France.
Kerviel was a rising star at Societe Generale, one of the largest banks in France, where he worked as a trader in the bank's Delta One desk.
Kerviel had carried out unauthorized trading activities that led to massive losses for the bank, totalling nearly €5 billion.
What did Jerome Kerviel do?
In 2008, it was revealed that Kerviel had carried out unauthorized trading activities that led to massive losses for the bank, totalling nearly €5 billion.
He had been making risky and complex bets on the markets, using fraudulent and unauthorized methods to conceal his trades from the bank's risk management systems.
The losses were so huge they threatened the stability of the entire bank, which was forced to carry out a massive restructure to stay afloat.
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