The beginning of 2008 started off with the French bank Société Générale reporting that a low-level employee, Jérôme Kerviel, had executed a series of "elaborate, fictitious transactions" that cost the bank more than €4.9 billion, the largest loss ever recorded in the financial industry by a single trader. However, Kerviel's escapade pales in comparison with those of investment advisor Bernie Madoff, who admitted in early December to defrauding his clients of upward of US $50 billion in a "giant Ponzi scheme" for years.