Where is jerome kerviel

He spent two months walking from Rome to France before going to jail. He was later let out on condition he wear an electronic tag. Mr Kerviel has requested a retrial of the original criminal case. He is contesting an order to repay his losses to the bank. Known as Mr. Copper, the former commodities trader for Sumitomo Corp. His power in the market was such that the disclosure of his losses roiled global copper markets and rocked the year-old trading company that employed him.

Since his release in after seven years in prison, Hamanaka has reportedly lived in Tokyo and, unlike some other convicted rogue traders, kept a low profile out of the media spotlight.

He was convicted of fraud in and since , when he emerged from confinement, he began franchising outlets of the Zips Dry Cleaner chain, according to an interview with NPR. On social media. Who are we? Fight the Fake. Daily newsletter Receive essential international news every morning Subscribe. Kerviel completed a bachelor's degree at the University of Nantes in and then a master's in finance at the University of Lyon in His first position at the company was in the compliance department, but in he moved to a junior trader job working with derivatives.

Kerviel's role was to capitalize on pricing discrepancies between equity derivatives and the market price of stocks upon which the derivatives were based. Derivatives are investment instruments that derive their value from another asset, such as the price of corn, a stock, or an index.

There are many different kinds of derivatives, such as futures , options , and swaps. To limit risk in derivative trades, a long derivative position is generally offset with a similar short position. For example, if a trader purchased Euro stock market futures hoping the market would go up, typically, this bet would be offset by shorting U. Kerviel began making only one side of these bets. He took advantage of this knowledge in late and early to offset his one-sided bets with the opposite position that did not actually exist by creating fake trades in the system's computers and logs, so the trades were not flagged by the bank's oversight systems.

Initially, these trades were profitable. With so much early success, Kerviel feared the bank would discover the false transactions. To conceal the activity, he began creating losing trades intentionally to generate losses to offset his early gains. Kerviel maintains that his bosses knew about his fraudulent trades but intentionally looked the other way as he was making profits for the bank.

An appeals court in Versailles sided with Kerviel in and stated in a judgment that it was not "occasional negligence" but "managerial choices" that ensured Kerviel could get away with his criminal acts. There are conflicting accounts about Kerviel's talents as a trader and student.

Professors at his alma mater, the University of Lyon, are reported to have said that he was a student just like any other. The former governor of the Bank of France described Kerviel as a "computer genius" but colleagues claim that he was not a star trader within their ranks. Notably, Kerviel is not believed to have profited personally from his reckless trading, though he now falls into the infamous group of rogue traders that have collectively lost their employers billions of dollars through risky and unauthorized trading activity.

While Kerviel's case was being considered, he made a pilgrimage on foot to Rome from Paris to meet the Pope. Together they discussed the problems of capitalism.

Kerviel was convicted of breach of trust and other charges in the French court in He served five months in prison in before being released.