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UBS trader jailed for $2.3bln fraud

Tuesday, Nov 20, 2012 - 02:00

Nov. 20 - Former UBS trader Kweku Adoboli has been convicted and sentenced to seven years in jail for the biggest fraud in British history, which resulted in a loss of $2.3 billion for the Swiss bank. Sonia Legg reports

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He'd denied the allegations but Kweku Adoboli has been found guilty of the biggest fraud in British history. The 32-year-old's actions resulted in the loss of $2.3 bln. Adoboli was working as a senior trader in London for the Swiss bank UBS when news of the losses were announced. After a 10-week trial a London court found him guilty of the main charge of fraud. The verdict was welcomed by London police. (SOUNDBITE) (English): DETECTIVE INSPECTOR STEVE HEAD, CITY OF LONDON POLICE, SAYING: "To all those around him Kweku Adoboli appeared to be a man who's career prospects and future earnings were taking off. He looked the part, he was articulate and he seemingly had an answer for everything. But behind this facade lay a trader who was completely out of control. When Adoboli's pyramid of fictitious trades, exceeding the trading limits and his non-existent trading limits, came crashing down the repercussions were felt in financial centres around the world" The prosecution portrayed Adoboli as a reckless gambler who played God with UBS's money in the arrogant belief that he had the magic touch. His defence was that the bank had turned a blind eye to rule-bending as long as the profits rolled in. The jury unanimously agreed he was directly responsible for losing the money during the summer of 2011. The Crown Prosecution Service said the repercussions were massive. (SOUNDBITE) (English): ANDREW PENHALE, DEPUTY HEAD, CROWN PROSECUTION SERVICE, SAYING: "The amount of money involved was staggering, impacting hugely on the bank, its employees and investors. This was not a victimless crime." The Ghanaian was also found guilty of another fraud between 2008 and 2011 But he was acquitted of false accounting relating to fake entries he'd admitted making to cover his tracks. He was jailed for seven years but could be out on probation after about two and a half.

UBS trader jailed for $2.3bln fraud

Tuesday, Nov 20, 2012 - 02:00

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