What is the name of the French rogue trader who lost £3.6billion on the stock market?
"on the shares of Solarworld AG listed in Germany. Moreover, the ""unauthorized trading"" of Kweku Adoboli, similar to Kerviel, did not date back a long way. Adoboli had executed operations since October 2008 - his failure and subsequent arrest occurred in 2011. Stock speculators and investors usually need a stock broker such as a bank or a brokerage firm to access the stock market. Since the advent of Internet banking, an Internet connection is commonly used to manage positions. Using the Internet, specialized software, and a personal computer, stock speculators/investors make use of technical and fundamental analysis to help them"
"Jérôme Kerviel Jérôme Kerviel (; born 1977) is a French trader who was convicted in the 2008 Société Générale trading loss for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion. Société Générale characterizes Kerviel as a rogue trader and claims Kerviel worked these trades alone and without its authorization. These assertions have been met with skepticism by some of Kerviel's former colleagues and acquaintances, as well as by some members of the news media. Kerviel had told investigators that his trading behavior was widespread at the company and that making"
"2008 Société Générale trading loss In January 2008, the bank Société Générale lost approximately €4.9 billion closing out positions over three days of trading beginning January 21, 2008, a period in which the market was experiencing a large drop in equity indices. The bank states these positions were fraudulent transactions created by Jérôme Kerviel, a trader with the company. The police stated they lacked evidence to charge him with fraud and charged him with breach of trust and illegally accessing computers. Kerviel states his actions were known to his superiors and that the losses were caused by panic selling by"
"of his money, but opted to take his own life when it was apparent it was all irretrievably lost. Thierry Magon de La Villehuchet René-Thierry Magon de La Villehuchet (23 April 1943 – 22 December 2008) was a French aristocrat, money manager, and businessman. He was one of the founders of Access International Advisors (AIA Group), a company caught and subsumed in the Madoff investment scandal in 2008. He committed suicide after losing an estimated $1.4 billion in the Madoff scheme. René-Thierry Magon de La Villehuchet was born in Saint-Malo, into the Magon family, wealthy Breton shipbuilders. In 1978, he"
"a role in the market's overall decline, but characterized that impact as ""minimal"". 2008 Société Générale trading loss In January 2008, the bank Société Générale lost approximately €4.9 billion closing out positions over three days of trading beginning January 21, 2008, a period in which the market was experiencing a large drop in equity indices. The bank states these positions were fraudulent transactions created by Jérôme Kerviel, a trader with the company. The police stated they lacked evidence to charge him with fraud and charged him with breach of trust and illegally accessing computers. Kerviel states his actions were known"
"was at the centre of a financial scandal in 2009. The bank denied those accusations. January 2008: Trading loss incident (Kerviel Fraud) On January 24, 2008, the bank announced that a single futures trader at the bank had fraudulently lost the bank €4.9 billion (an equivalent of US$7.2 billion), the largest such loss in history. The company did not name the trader, but other sources identified him as Jérôme Kerviel, a relatively junior futures trader who allegedly orchestrated a series of bogus transactions that spiraled out of control amid turbulent markets in 2007 and early 2008. Partly due to the"
"presidential aide Raymond Soubie stated that Kerviel dealt with $73.3 billion (more than the bank's market capitalization of $52.6 billion). Three union officials of Société Générale employees said Kerviel had family problems. On January 26, 2008, the Paris prosecutors' office stated that Jerome Kerviel, 31, in Paris, ""is not on the run. He will be questioned at the appropriate time, as soon as the police have analysed documents provided by Société Générale."" ""Spiegel Online"" stated that Kerviel may have lost 2.8 billion dollars on 140,000 contracts earlier negotiated due to DAX falling 600 points. Société Générale SA says it had"
"brothers wrote ""Cabarrus, the Rothschild's doctor, told Saint-Victor that the young Rothschild who died the other day really died of the excitement of gambling on the stock exchange."" Salomon James de Rothschild Salomon James de Rothschild (1835–1864) was a French banker and socialite. Salomon James de Rothschild was born on 30 March 1835. His father was James Mayer de Rothschild, head of the Paris branch of the prominent Rothschild family of bankers. As a young man, according to the Goncourt brothers, he squandered ""a million on the stock exchange in attempted secrecy from his father"" and was exiled to Frankfurt,"
"Adoboli to cause over $2 billion losses through unauthorized trading in London. 2011 UBS rogue trader scandal The 2011 UBS rogue trader scandal caused a loss of over US$2 billion dollars at Swiss bank UBS, as a result of unauthorized trading performed by Kweku Adoboli, a director of the bank's Global Synthetic Equities Trading team in London in early September 2011. On 24 September 2011, Oswald Grübel, the CEO of UBS, resigned ""to assume responsibility for the recent unauthorized trading incident"", according to a memo to UBS staff. On 5 October Francois Gouws and Yassine Bouhara, the co-heads of Global"
"high market volatility at the time. The group of employees responsible for making the unauthorised trades were dismissed. French banks have also been affected to some point by the fraud set by Bernard Madoff. Most importantly Natixis, an investment bank, potentially lost €450 million in the process and BNP Paribas could lose €350 million. Neither Natixis or BNP Paribas directly invested in Madoff's but through bonds issued by the US treasury they could face such loses. It is to be determined if all of these are effectively lost, which ones can be recovered and what can be saved by legal"
"$6.2 billion on a ""monstrous"" derivatives bet made by the so-called ""London Whale"" Bruno Iksil. According to Carl Levin, chairman of this panel, JP Morgan had ""a trading operation that piled on risk, ignored limits on risk taking, hid losses, dodged oversight and misinformed the public"". Dimon dismissed press accounts of possible losses in Iksil's book as a ""tempest in a teapot"" on April 13, 2012 when he knew that Iksil had already lost $1 billion, which led Levin to say ""None of those statements made on April 13 to the public, to investors, to analysts were true,"" and ""The"
"trades, and then the bank informed the Financial Services Authority and the police. On 16 September, it was announced that City of London Police charged Adoboli with fraud by abuse of position and false accounting. On 18 September 2011, UBS issued a statement which revealed the losses from the alleged unauthorized trading stood at $2.3 billion. The rogue trader reportedly racked up the losses by speculating on EuroStoxx, DAX and S&P 500 indexes. The prosecutor in Adoboli's trial, Sasha Wass, stated that Adoboli ""was a gamble or two from destroying Switzerland's largest bank for his own benefit."" According to ""Business"
"SocGen's stance in his case, Kerviel met with Pope Francis outside the Vatican on 19 February 2014, and undertook a pilgrimage from Rome to Paris against the ""tyranny of the markets"". On 8 September 2014, Kerviel was released from Fleury Merogis prison, having served less than five months of detention. He was to begin a job with an IT consultancy firm. Jérôme Kerviel Jérôme Kerviel (; born 1977) is a French trader who was convicted in the 2008 Société Générale trading loss for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9"
"after a rogue trader caused losses amounting to CHF45 million (US$46 million). The trader stole money from clients, as well as dealing in unauthorized junk bonds and NASDAQ securities. Following a spin-off of the assets of Attel, Cerina re-formed and developed the business into Crédit des Alpes, now a successful investment bank that advises on large international transactions. The bank put together the US$4.2 billion acquisition by Vivendi of Brazil telecoms company GVT in 2009 — then the largest telecoms deal in the world. Telecoms remains a key sector of importance for Cerina. In real estate, Crédit des Alpes acted"
"family lost approximately $550.000. Another victim, A. J. Allmendinger, invested a sum of money but he got his money back. SAMAX Motorsport boss Peter Baron lost approximately $400,000 to Zogaib. In total, $5.400.000 was lost by 33 investors. Zogaib was arrested in 2010, and in 2014 was sentenced to 15 years in prison. He is currently detained at Wakulla Correctional Institution. Henri Zogaib Henri Zogaib (Born 5 July 1973 in Beirut, Lebanon) is a Lebanese born American racing driver and convicted scam artist. Zogaib primarily ran in the Rolex Sports Car Series. After graduating from the Skip Barber Racing School"
"2011 UBS rogue trader scandal The 2011 UBS rogue trader scandal caused a loss of over US$2 billion dollars at Swiss bank UBS, as a result of unauthorized trading performed by Kweku Adoboli, a director of the bank's Global Synthetic Equities Trading team in London in early September 2011. On 24 September 2011, Oswald Grübel, the CEO of UBS, resigned ""to assume responsibility for the recent unauthorized trading incident"", according to a memo to UBS staff. On 5 October Francois Gouws and Yassine Bouhara, the co-heads of Global Equities at UBS, also resigned. It later emerged that UBS had failed"
"company Aristophil, which was ""proof that it was legitimate"". Gérard Lhéritier Gérard Lhéritier (born 21 June 1948) is a French manuscript dealer and expert in balloon mail. He is (or was) a sponsor of the National Library of France and around 2004 was the buyer of the manuscript of the Marquis de Sade’s ""120 Days of Sodom"". In 1990 he founded Aristophil but in March 2015, was arrested by French police in connection with an investigation into a suspected pyramid scheme fraud at the firm. In 2012, he won the largest ever EuroMillions jackpot awarded in France at €170 million."
"Thierry Magon de La Villehuchet René-Thierry Magon de La Villehuchet (23 April 1943 – 22 December 2008) was a French aristocrat, money manager, and businessman. He was one of the founders of Access International Advisors (AIA Group), a company caught and subsumed in the Madoff investment scandal in 2008. He committed suicide after losing an estimated $1.4 billion in the Madoff scheme. René-Thierry Magon de La Villehuchet was born in Saint-Malo, into the Magon family, wealthy Breton shipbuilders. In 1978, he earned his MBA from HEC Paris. He moved to New York City in 1982. In New York, Magon de"
"perpetrated a stock scam in 1926 England that netted $8 million, a substantial sum for the period. Some of his victims were English royalty. He fled to France, and executed another major scam, rigging the tables at the Monte Carlo casino, and breaking its bank. He then returned to the United States. While in the United States, he was tried and sentenced ""in absentia"" in England, to 24 years in prison. He fought extradition all the way to the Supreme Court, but fearing he would lose, had himself ""kidnapped"" in 1933, and, when ""found"", accused another mobster, Roger Touhy, of"
"Bernard Madoff Bernard Lawrence Madoff (; born April 29, 1938) is an American former market maker, investment advisor, financier, fraudster, and convicted felon, who is currently serving a federal prison sentence for offences related to a massive Ponzi scheme. He is the former non-executive chairman of the NASDAQ stock market, the confessed operator of the largest Ponzi scheme in world history, and the largest financial fraud in U.S. history. Prosecutors estimated the fraud to be worth $64.8 billion based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008. Madoff founded a penny stock brokerage"
"Gérard Lhéritier Gérard Lhéritier (born 21 June 1948) is a French manuscript dealer and expert in balloon mail. He is (or was) a sponsor of the National Library of France and around 2004 was the buyer of the manuscript of the Marquis de Sade’s ""120 Days of Sodom"". In 1990 he founded Aristophil but in March 2015, was arrested by French police in connection with an investigation into a suspected pyramid scheme fraud at the firm. In 2012, he won the largest ever EuroMillions jackpot awarded in France at €170 million. Lhéritier was born on 21 June 1948, in Nancy,"
"offering a return of 100% every 90 days). When the French authorities began to investigate his affairs, Charles Wells fled to Britain with his clients’ money. The scam was remarkable for its scale, both in terms of the number of investors who lost money and the amount of their total losses, and the Sûreté accordingly mounted a determined operation to find out who ""Lucien Rivier"" was, and bring him to justice. He was finally traced to Britain and was arrested in January 1912. A Paris court sentenced him in November 1912 to five years in prison. As a direct result"
"of closing out trades within the three-day cycle alleged could not be accomplished given the immense sums involved. In answers to the rumors alleging Jérôme Kerviel had fled Paris following the discovery of the unauthorized trading, on January 24, 2008 Kerviel's lawyer denied that he attempted to disappear and said he remained in Paris to face the accusations. Also on January 24, 2008, Société Générale filed a lawsuit against ""a 31-year-old person"" for creating fraudulent documents, using forged documents and making attacks on an automated system, according to Clarisse Grillon, a spokeswoman for the Nanterre prosecutor. ""Le Figaro"" reported that"
"of sanctions on the French bank were the result of US displeasure with France's decision not to stop the sale. Former European Central Bank president Jean-Claude Trichet had previously said that a large fine was neither fair nor proportionate to the violations and could disrupt the global banking system. The German FAZ, FOCUS, Bloomberg and the French Les Echos newspaper published an article regarding a 152 Million EUR mistrade (erroneous trade) in which BNP Paribas Arbitrage is allegedly involved. The bank has sold securities for 326,400 EUR to the investor Armin S. but the value of the securities is 163"
"customers lost $10 billion to $35 billion, most of which went to early investors. ""Madoff will wind up in a special prison designed as much to keep the crook's victims out as Madoff in. He's a guy who can't afford not to be in prison,"" he said. Magon de La Villehuchet committed suicide soon after Madoff's scheme collapsed, having lost $1.5 billion. On February 4, 2009, he testified before the United States Congress' House Financial Services Committee's capital markets panel and on March 1, appeared on CBS's ""60 Minutes"". Markopolos criticized the SEC harshly for ignoring his warnings about Madoff."
"Howie Hubler Howard Hubler III, known as Howie Hubler, is an American former Morgan Stanley bond trader who is best known for his role in the second largest trading loss in history. He made a successful short trade in risky subprime mortgages in the U.S., but to fund his trade he sold insurance on AAA-rated mortgages that market analysts considered less risky, but also turned out to be worthless, resulting in a massive net loss on his trades. His actions directly resulted in the loss of roughly US$9 billion during the 2007–08 financial crisis—the second largest single trading loss in"
"that the market in credit default swaps was possibly being affected by the activities of Bruno Iksil, a trader for J.P. Morgan Chase & Co., referred to as ""the London whale"" in reference to the huge positions he was taking. Heavy opposing bets to his positions are known to have been made by traders, including another branch of J.P. Morgan, who purchased the derivatives offered by J.P. Morgan in such high volume. Early reports were denied and minimized by the firm in an attempt to minimize exposure. Major losses, $2 billion, were reported by the firm in May 2012, in"
"in my mind by greed with no regard to the effect on the many, many investors they defrauded,""</nowiki> he added. Gary Sorenson Gary Allen Sorenson (born 1943 in Calgary, Alberta) is a Canadian businessman who was arrested at Calgary International Airport on September 29, 2009 for an alleged role in a Ponzi scheme that scammed investors of more than C$300 million, the largest in Canada. On July 28, 2015 Gary Sorenson, 71, and Milowe Brost, 61, were sentenced in a Calgary courtroom to 12 years in prison for their elaborate, multimillion-dollar fraud. Gary Sorenson was born in Calgary, Alberta in"
"Christophe Rocancourt Christophe Thierry Daniel Rocancourt, sometimes also called Christopher Rocancourt (born 16 July 1967), is a French impostor and confidence man who scammed affluent people by masquerading in turn as a French nobleman, the heir to the Rockefeller family or family member of a celebrity. Rocancourt told ""Dateline NBC"" in a 2006 broadcast that his mother sometimes worked as a prostitute and his father was an alcoholic who took Christophe to an orphanage when the boy was 5. His first big con was made in Paris, where he faked the deed to a property that he did not own,"
"person in the world with a net worth of $6.8 billion. Dmitry Rybolovlev Dmitry Yevgenyevich Rybolovlev (; ; born 22 November 1966) is a Russian businessman and investor. Rybolovlev owned the potash producer Uralkali and, in 2011, became the President of Monaco's football club AS Monaco. He has two daughters, Ekaterina and Anna Rybolovleva. As of October 2018, Rybolovlev is ranked 242nd on ""Forbes""s list of billionaires with a net worth of $6.8 billion. Since January 2015 he has become known as one of the most high-profile alleged victims of Swiss art transporter Yves Bouvier as part of a group"
"forex employees. Citigroup had also fired its head of European spot foreign exchange trading, Rohan Ramchandani. ""Reuters"" reported hundreds of traders around the world could be implicated in the scandal. The monetary losses caused by manipulation of the forex market has been estimated to represent $11.5 billions-a-year for Britain’s 20.7 million pension holders alone (£7.5B/year). The manipulations affected customers all around the world, for over a decade. The manipulations' overall estimated cost is not yet fully known. On 12 November 2014, the United Kingdom's Financial Conduct Authority (FCA) imposed fines totaling $1.7 billion on five banks for failing to control"
"Monday, Sperandeo shorted the Dow and made 300% during a day the DJIA fell by over 20%. Victor Sperandeo Victor Sperandeo, known as “Trader Vic”, is a US trader, index developer, and financial commentator based in Grapevine, Texas, United States. He serves as the President and CEO of Alpha Financial Technologies, LLC (AFT), is a founding partner of EAM Partners L.P., and serves as the President and CEO of its general partner, EAM Corporation. Sperandeo traded in commodities, particularly in the energy and metals sectors. He is renowned for having 'predicted' the stock market crash of 1987 during an extensive"
"no assets and that everything belonged to his second wife. Danny Porush Daniel Mark Porush (born February 1957) is an American businessman and former stock broker who ran a ""pump and dump"" stock fraud scheme in the 1990s. In 1999, he was convicted of securities fraud and money laundering at the Stratton Oakmont brokerage, for which he served 39 months in prison. The character of Donny Azoff portrayed by Jonah Hill in the 2013 film ""The Wolf of Wall Street"" was loosely based on Porush, although Porush described the portrayal as inaccurate. After prison, Porush became involved with a Florida-based"