View more on these topics

UBS trader charged with £1.3bn fraud

The UBS trader who is alledged to have lost £1.3bn through unauthorised trading has been charged with fraud.

Kweka Adeboli was arrested in the early hours of Thursday morning and is due to appear at the City of London magistrates Court this afternoon.

Adoboli is accused of carrying out unauthorised deals while working for UBS.

UBS has said the move could lead to the bank reporting a loss for the third quarter of 2011 but added that no client positions were affected.

The FSA is investigating why the Swiss bank did not identify the trades

Recommended

1

Williams de Broe may be rebranded

Williams de Broe executive director Colin Lewis has hinted that the firm may be rebranded following Investec Group’s acquisition of its parent group Evolution Securities. Investec last week announced it is acquiring Evolution for £233m. Commenting on its takeover of Williams de Broe as part of the deal, Investec said: “Investec intends to achieve operational […]

1

FSA and Swiss regulator launch UBS investigation

The FSA and the Swiss Financial Market Supervisory Authority are launching an investigation in connection with the £1.3bn trading losses incurred by UBS. The investigation will be conducted by a third party independent of UBS and will focus on the details of the unauthorised trading activity, and on the control failures which permitted the activity […]

The Platforum announces new appointments

Platform consultancy The Platforum has announced three new appointments. Jeremy Fawcett has been appointed head of digital and online, he was formerly Yahoo category director for financial services. Tina Harris has been appointed head of employee platforms and will focus on independent research into employee platforms and corporate wraps. She has been in the industry […]

Best preserved

The CF Miton special situations and strategic portfolios have been defensively positioned for some time now. We take a view on the wider macroeconomic environment and build our asset allocation from this basis. We have been bearish for a long time on the wider global environment and negative on risk assets such as equities, commodities […]

India: are further rate cuts on the horizon?

By Kunal Desai, head of Indian Equities, Neptune Kunal Desai, manager of the Neptune India Fund, discusses the key drivers of the Indian market’s outperformance and why he expects another rate cut, which will likely further support equities.  Read more here Important Information Investment risks The Neptune India Fund may have a high volatility rating […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. CENTAUR: TESTING TESTING*************IGNORE ME************TESTING TESTING

  2. It is a bit rich to say the money has been ‘lost’.
    How did they let this person have access to so much?
    what safety measures has UBS in place?
    What next?
    How about a good look at the way they are running the Bank?
    Any sign of coprruption?
    Wouldnt be surprised!

Leave a comment