There is a Man Called Jerome Kerviel, Who is the Poorest Person in the world. Among the 689 million people living in extreme poverty on $1.90 or less a day, he is the Poorest.
Foremost, the poorest person in the world is hard to arrive at since there are billions who are fighting for basic needs; but going by debt there is this one person who tops the list.
Who Is The Poorest Man In The World?
The table below contains more information about the poorest man in the world.
|Date Of Birth/
|January 11, 1977
|Father – Charles
Mother – Marie-Josée
|Lumiere University Lyon
Jerome Kerviel has dropped out of the battle for money because he has become the worst-case scenario of a rich guy who has become poor.
What happened to Jerome Kerviel is highly surprising and daunting at the same time. Many people cannot stop imagining how a billionaire could have lost their wealth overnight.
How did Jerome Kerviel Become The Poorest Man in the World?
Most people believe that Jerome Kerviel is suffering the pain he brought to himself. After engaging in $73 billion in illegal agreements, forgeries, and other shady activities, he owes $6.3 billion. As a result, Jerome Kerviel is the world’s most indebted man making him the poorest person in the world.
He is an ex-Societe Generale Trader who was sentenced to three years in prison after surrendering to French authorities.
How It All Happened…
Jerome Kerviel was a Junior Trader for his bank’s Delta One business in 2005, which includes program trading, swaps, ETFs, quantitative trading, and index futures.
Christian Noyer, the Governor of the Bank of France, praised him as a “Computer Genius.” His computer skills, on the other hand, were in irresponsible hands as he carried out $73 billion in unauthorized transactions along with computer hacking.
Jerome Kerviel, on the other hand, had acquired a stock index futures position of US$73 billion by January 9, 2008, which cost Societe Generale (SocGen) US$7.2 billion. On January 19, 2008, his bosses discovered illicit trading linked to him.
He was utilizing these vast sums of money to engage in Arbitrage Trading, which involves taking Advantage of two stocks trading at different prices when they should be trading at the same price.
Meanwhile, he had built up massive bets and losses by the time the fraud was discovered, owing to the bank $6.3 billion, more than he will ever be able to pay.
How Jerome Kerviel was Arrested
It was said that the poorest man in the world handed himself to French authorities to begin a three-year jail sentence in 2015. The night Jerome Kerviel turned himself to the Menton police, he was flanked by a swarm of reporters and supporters.
Although, he admitted to making the unauthorized trades but has argued that the bank turned a blind eye when they went well, but turned against him when they didn’t.
SocGen carried out an internal report that found managers at the bank had failed to follow up on tens of different alarms over Kerviel’s activities. A number of resignations followed, but no other charges were pressed.
More so, his return home is something of an endpoint to a saga that goes from huge unauthorized trades on the eve of the financial crisis to a pilgrimage and papal meeting.
Jerome Kerviel Net Worth
Jerome Kerviel is the poorest man in the world, with a net worth of -$6.7 billion. If the debts he owes to French bank Societe Generale for fraudulent trading were assets, Kerviel would have become one of America’s top 50 richest persons.
Despite the fact that the charges against him carry a maximum sentence of three years in jail, he served less than five months in prison and was freed on September 8, 2014. He is currently employed at Lemaire’s consultancy firm as an IT consultant.
However, he may have to pay a portion of his wages into a fund for the rest of his life, but given that he will never, ever be able to pay off his vast debt, you might say he is the poorest man in the planet.
However, comparing his situation to the children in Africa, such as the Congo, or Asian countries, such as Cambodia. There are children and adults that are homeless. People who live on $1 a day that has no food, no water, no clothes, and no shelter.
If you asked them if they would exchange lives with Jerome Kerviel, I’m sure they would say yes because he has food, clothing, shelter, and water and will never go hungry.
In a single year, Jerome Kerviel amassed more wealth than entire countries and regions will ever see. But at the same time, he also has debt that will never be paid off.
So on paper, Jerome Kerviel is the poorest person in the world, but there are still billions who can’t even afford basic needs. And can we call them the poorest n the world, considering all that has happened in the life of Jerome Kerviel?