A case of Jerome Kerviel
Results 1 to 5 of 5

Thread: A case of Jerome Kerviel

  1. #1
    Trader
    Join Date
    Apr 2018
    Posts
    1,950
    Thumbs Up
    Received: 13
    Given: 4

    A case of Jerome Kerviel

    A case of Jerome Kerviel

    [IMG][/IMG]

    At first we must know who is Jerome Kerviel ?

    Jerome Kerviel French Nationality Bonds Trader Born on January 11, 1977.

    Jerome Kerviel or as Robin Hood is nicknamed France, was dubbed the world's poorest man who always warned the French of capitalist financial tyranny to pay a fine of 4.9 billion euros for the unemployed.

    Jerome Kerviel graduated from the University of Lumière Lyon 2, then studied Masters in Financial Sciences in 2000, joined Société Générale Bank and five years later he was promoted to the Assistant director of the bank's main branch in Paris, Jerome did not belong to anything extraordinary specializing in the regulation and control of financial markets. He began working in the middle office 18 hours a day and then received a promotion and transfer to the Delta Bank, which included the work of contracts, stock exchange, trade-offs and quantitative trading.


    The bank's director described him as a computer genius who received a reward of 60,000 EURO next to his salary of 75,000 EURO in 2006, in early 2007 he got fake deals that were small but their size began to increase after the terrorist attacks on London and earned 500,000 EURO profit unexpectedly after betting on the company coverage The German Allianz which gave him experience began to take great positions and open to bet and filled hundreds of thousands of imaginary deals.


    In 2007, the global financial crisis began to emerge, and in 2008 a 50 billion-dollar center was built, but this time it was wrong. The value was greater than the full market value of Société Générale, and after most of the banks traded and it worsened, Jerome Kerviel decided to bet on the return And the fact that it was 28 billion dollars in a few months and achieved amazing profits of 1.4 billion dollars, and with January 2008 the markets were worse than before and most traders sold large amounts of shares due to the low stock indices but he was confident that the shares will decline.


    The bank lost 4.9 billion Euro in 3 days. The director resigned and Jerome Kerviel was sentenced to three years in prison in Floris Mirgis prison, south of Paris, after 110 days in prison, he was conditionally released by the Court of Appeal, and the bank's administration confirmed that he was an evil genius who acted alone and in 2010 convicted of forgery. He violated confidence and was sentenced to five years in prison, and then warned against the tyranny of the markets.




    The beginning

    Société Générale:-



    Société Générale is the second largest French bank, founded in 1864, headquartered in Paris, France In January 2008, the bank was defrauded by one of its employees worth $7 billion, causing a financial crisis, which is the biggest loss in the history of banks caused by a single customer.


    Societe Generale Bank has charged a small employee in the bank Called " Jerome Kerviel " with the formation of huge city centers without authorization and fraudulently in 2007 and 2008 on the European stock indices, which cost the bank losses of €4.9 billion during the liquidation of the centers in highly volatile markets this week.


    A senior member of the board of directors told Reuters that Kerville was not a star. But Christian Nuier governor of the Central Bank of France, told reporters that the trader is a genius.


    The problem was discovered only earlier in the week. Jerome Kerviel himself met with bank officials face to face this week as they were trying to uncover a phishing network that penetrates all the safety mechanisms in the supposedly advanced bank.





    The officials at Societe Generale said in a statement that they were able to conceal these centers through a scheme of deliberate mock operations. But his colleagues are perplexed about his motives. Officials said there was no indication that he was trying to rob the bank or that he was working with someone else. Botton said his motives are completely incomprehensible. He doesn't seem to have been directly profiting from this massive fraud. Jerome Kerviel was last seen in Societe Generale last Sunday. He has been hiding since that time while the police and the press are chasing him.


    A photograph of him from an online trading site shows a serious young man staring at the camera grimly as he feet his lips. And the Jerome Kerviel account in the social site Facebook. com. When he was identified this afternoon, he had 11 friends on his list. The number fell to four hours later.

    At the University of Lyon, where Jerome Kerviel received a master's degree in financial market operations, officials say he was a regular student, not a informatics genius. The bank also justified how it managed to neutralize all internal control procedures.


    For its part, the political class in all its directions doubled calls for greater transparency, and the socialist opposition in this case symbolized the insane money.

    The Societe Generalebank says the monument was based on simple conversions, but was covered with "complex and diversified methods." According to reports, Jerome Kerviel has opened numerous accounts, through which he has been able to improve the future performance of the markets beyond the limit, but the markets have failed him, he has lost, and then he is taken into account to ensure his loss so that his dealings will not be discovered in amounts that he is not allowed to exceed.



    Jerome Kerviel confessed "partial responsibility" for the record losses of about five billion euros to the bank, but said he refuses to be the "Ram of the Holocaust" in this case.

    On 28 June, several counts were directed to Jerome Kerviel, "forgery, the use of forged documents, bad credit and the introduction of informational data into a processing system", but he was released after being placed under judicial control contrary to the Prosecutor's request to resume the decision to release.

    In the end there is a very important question


    Is Jerome Kerviel just a crook or a genius offender who could exploit loopholes Or Or is he the one who was sacrificed to protect a big gang of owners of capital and influence





    Not allowed!

  2. #2
    Registered user
    Join Date
    Oct 2018
    Posts
    4
    Thumbs Up
    Received: 1
    Given: 1
    This is my first time hearing about this person and about this case and I have searched for this person and about the case on the Internet and found that all that I wrote in the subject is true by a large percentage.

    For me I don't think he's a genius, but he's a person who has managed to exploit neglect, corruption, and poor censorship in banks and major financial institutions to be his fortune.

    He must be punished and punished by the bank officials who allowed him to do this crime, and regulatory measures must be tightened within the financial institutions.

    Not allowed!

  3. #3
    Trader
    Join Date
    May 2018
    Posts
    506
    Thumbs Up
    Received: 11
    Given: 2
    Thanks for the subject, my friend. I've been reading this case for a while, and you scared me. If a small employee can seize and cause a loss of this terrible size and so easily in a bank that is supposed to be a huge and global one. How can I trust the financial system in any country? How can I protect my money from being lost?

    I think there's something that hasn't been unveiled yet in this case, but governments need to intervene and monitor financial institutions so they can protect citizens ' money.

    Not allowed!

  4. #4
    Trader
    Join Date
    Oct 2018
    Posts
    1,118
    Thumbs Up
    Received: 7
    Given: 3
    He stole $5 billion and did not imprison him for one day. That sounds like cheerleading, but it's just for the Grand theft. The more important question is, what will he do with all this money? If the rest of his life stays out of this money, it never ends.

    Not allowed!

  5. #5
    Registered user
    Join Date
    Oct 2018
    Posts
    1
    Thumbs Up
    Received: 0
    Given: 2
    Nice post and I wish you success in the competition .Did you know that there is a French court that this thief has stolen for this horrible sum and sentenced him to a fine of 450 thousand euros as punishment on Societe Generale for the benefit of this thief. The Court considered that he had been expelled from work for no real reason.

    Stealing these billions is not considered by the court as a real or serious reason.

    Not allowed!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •