Ex-UBS trader Adoboli convicted of $2.3 bln fraud

LONDON,  (Reuters) – Former UBS trader Kweku Adoboli was convicted today of one count of fraud related to a loss of $2.3 billion.

Adoboli, 32, was a senior trader on the Exchange Traded Funds desk at UBS’s investment banking arm in London. He had worked for the bank for eight years. He was arrested on Sept. 15, 2011, and his trial started a year later.

The charge of which he was found guilty alleged that he dishonestly abused his position by causing losses to UBS of the $2.3 billion, intending to make a gain for himself or cause losses to UBS – or expose the bank to risk of loss – in breach of the 2006 Fraud Act.



Join the Conversation

After you comment, click Post. If you're not already logged in you will be asked to log in or register.

The Comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness. We reserve the right to edit/delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity. We moderate ALL comments, so your comment will not be published until it has been reviewed by a moderator.