Tuesday, 20 November 2012

Breaking News: City trader Kweku Adoboli, who lost £1.4bn of Swiss bank UBS's money, has been found guilty of one count of fraud…..

A City trader who lost £1.4bn ($2.2bn) of Swiss bank UBS's money has been found guilty of one count of fraud.

Kweku Adoboli, 32, of Whitechapel, east London, denied four charges of false accounting and two of fraud between October 2008 and September 2011.

The prosecution told Southwark Crown Court he was "a gamble or two away from destroying Switzerland's largest bank".

Mr Adoboli said he was encouraged to take risks by his bosses. The jury is deliberating on the other charges.

Mr Adoboli, who was arrested on 15 September 2011, worked in UBS's global synthetic equities division, buying and selling exchange traded funds (ETFs), which track stocks, bonds and commodities.

He had joined the bank as a junior trader in 2006.

The court was told Mr Adoboli lost £1.4bn of the bank's money in "unprotected, unhedged, incautious and reckless" trades.

But Mr Adoboli, the Ghana-born son of a diplomat, told the jury his senior managers were aware of his actions and encouraged him to take risks.

He claimed he lost control over his trades during a period of market turbulence last year.

The court heard that at one point he stood to lose the bank £7.5bn.

Credit: BBC / Source: http://www.bbc.co.uk/news/uk-20338042

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