Europe

Thursday 31 July 2014

UBS rogue trader who lost $2.3bn gets seven years

Published 20/11/2012|11:54

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UBS rogue trader Kweku Adoboli was given a seven-year jail sentence on Tuesday after being convicted of two counts of fraud resulting in the Swiss bank's losing $2.3bn (€1.7bn).

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.He will serve half his sentence minus a year already spent in custody - a total of 2-1/2 years.

Adoboli was earlier acquitted at Southwark Crown Court of four related charges of false accounting.

At one point during his run of losses, the rising star, 32, stood to run up losses of US $12bn (€9.3bn) for employer UBS.

The Ghanaian-born former public schoolboy exceeded his multi million-pound trading limits and failed to hedge trades, allegedly faking records to cover his tracks at the Swiss bank's London office.

He admitted the losses but claimed that he was pressured by staff to take risks, culminating in bad deals which wiped £2.8bn (€3.4bn) off the bank's share value when they were discovered.

The jury at Southwark Crown Court, in London, today convicted him of one count of fraud linked to the £1.4bn (€1.7bn) loss.

The panel is still deliberating on one further count of fraud and four counts of false accounting between October 2008 and September last year.

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