independent

Thursday 17 April 2014

£1.4bn fraud UBS trader is jailed

Kweku Adoboli brought Swiss bank UBS to its knees by exceeding his trading limits and failing to mitigate the risk of reckless deals. At one point the 32-year-old was on the verge of causing losses of 12 billion US dollars (£7.5 billion), and the hole he eventually left was the largest trading loss ever in British banking history. Jurors at Southwark Crown Court found him guilty of two counts of fraud, but cleared him of four counts of false accounting.

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