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Definition of 'Jerome Kerviel'
A trader for French securities firm Société Générale that was charged with losing more than $7 billion in company assets by conducting a series of unauthorized and false trades between 2006 and early 2008. When company managers discovered that Kerviel had conducted tens of billions of dollars' worth of unauthorized trades, they rushed to close out the open positions (most of which were specialized equity arbitrage trades) and contain the extent of the fraud. Several of the trades were closed out with heavy losses due to a falling market at the time of sale.
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Investopedia explains 'Jerome Kerviel'
Kerviel had several years' experience in Société's back office, and was well-versed in the company policies for approving and regulating trading among its brokers. Kerviel's losses are yet another case study in rogue trading, despite all the modern regulations and technological advances designed to prevent such things from ever happening.
Kerviel was not considered a well-renowned trader by any extent; in fact, when the story broke many openly wondered how such a person could obtain the authority over such huge sums of capital without the company noticing. Kerviel hid his early gains by creating fake, offsetting trades in the system's computers and logs. He had extensive knowledge of the computers and systems used in the company, which was essential to his trading scheme.
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Search results for 'Jerome Kerviel'
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http://www.investopedia.com/ask/answers/09/rogue-trader-kerviel.asp
... With losses topping out at $7.1 billion, Jerome Kerviel better than tripled the
trading losses of rogue trader Nick Leeson one of the best-known rogue ...
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http://financialedge.investopedia.com/financial-edge/1011/The-Rise-Of-The-Rogue-Trader.aspx
... institution. Trader Jerome Kerviel incurred a $7-billion loss for French
bank Societe Generale, the largest uncovered thus far. Other ...
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http://www.investopedia.com/articles/trading/08/rogue-traders.asp
... (For more on this, read Losing The Amaranth Gamble.) Jerome Kerviel - $7.1 Billion
Surpassing even Hunter's losses, Jerome Kerviel has set the bar improbably ...
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http://financialedge.investopedia.com/financial-edge/1010/Water-Cooler-Finance-Historys-Biggest-Rogue-Trading-Scandal.aspx
... The Biggest Rogue Trading Scandal Jerome Kerviel, a 33-year old former trader at
Societe Generale, was found guilty on all counts in court this week. ...
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http://financialedge.investopedia.com/financial-edge/1011/Whos-To-Blame-For-Rogue-Traders.aspx
... Financial institutions like UBS and Societe Generale, which had a $7.7 billion loss
in 2008 following rogue trader Jerome Kerviels unauthorized trades ...
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http://financialedge.investopedia.com/financial-edge/0610/Water-Cooler-Finance-Buffett-Speaks-Up-AIG-Deal-Collapses.aspx
... quite a feat. Jerome Kerviel did just that at Societe Generale and took
the heavyweight crown for rogue trading to boot. Or did he? ...
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http://www.investopedia.com/slide-show/biggest-losers-in-finance
... billion for Amaranth. (For more, see Losing The Amaranth Gamble.). Jerome
Kerviel: Lost $7.1 Billion. In 2008, Jérôme Kérviél ...
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http://www.investopedia.com/articles/optioninvestor/08/derivative-risks.asp
... In addition, 2008 was marked by Société Générale's Jerome Kerviel's orchestration
of the largest bank fraud in world history via derivatives trading (a ...
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