UBS 'rogue trader' Adoboli found guilty of fraud
20 November 2012 | 6121 views | 0
Kweku Adoboli, the UBS trader accused of running up £1.4 billion of losses in unauthorised trading at Swiss bank UBS, has been jailed for seven years after being found guilty of two counts of fraud.
Adoboli, who worked on the bank's synthetic equities desk buying and selling exchange traded funds, racked up the losses during a three-year period between October 2008 and September 2011.
He has been cleared on four charges of false accounting but found guilty of two counts of fraud and sentenced to seven years in prison.
During his trial Adoboli claimed that he was encouraged to take risks by his bosses who were aware of the massive positions he had built up.
The prosecution accused him of engaging in a series of unauthorised "incautious and reckless" trades that nearly sank the giant Swiss bank.