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.