Most Indebted Man on Earth Owes $6.3 Billion

Indebted Man

Jerome Kerviel, a former financial arbitrage trader, has earned himself the infamous title of the most indebted man in the entire world, finding himself in the red for $6.3 billion dollars owed to his former employer Societe Generale. He is currently serving a prison term until 2015 under a breach of trust, forgery, and false data conviction, and cannot begin to pay off the massive debt until he is released.

The amount owed is a fine for the approximately $73 billion in fraudulent and unauthorized trades Kerviel made while in the employ of French Bank Societe General over the course of 2007 and 2008 through computer hacking and deception. Matthew O’Brien of The Atlantic spoke with Frank Partnoy, a University of San Diego law professor, about how the courts would manage to collect such a massive fine from a single individual. Partnoy believed that Kerviel would prove unable to pay the fine, and equated the measure to a life plus 100 years jail sentence. He believes that Societe Generale would come to an agreement with Kerviel, where he would pay a percentage of all money he makes for the rest of his life to pay down the fine, “like Sisyphus pushing the boulder up the hill

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every day for the rest of his life.”

Content and Image Courtesy of Yahoo News