A city trader at UBS who lost of £1.4bn of the bank’s money has been found guilty of two counts of fraud and has been jailed for seven years.
Kweku Adoboli denied four charges of false accounting and two of fraud between October 2008 and September 2011.
In September 2011, the FSA and the Swiss Financial Market Supervisory Authority announced it was launching an investigation into unauthorised trading at UBS by a rogue trader. Adoboli worked in the global synthetic equities division where he bought and sold exchange-traded funds.
The court was told Adoboli, who joined the bank as a junior trader in 2006, lost £1.4bn of the bank’s money through “unprotected, unhedged, incautious and reckless” trades.
Adoboli said he was encouraged to take risks by his bosses, however the prosecution told Southwark Crown Court he was “a gamble or two away from destroying Switzerland’s largest bank”.
The court head that Adeboli stood to lose the bank as much as £7.5bn at one stage.