Former UBS ETF trader gets seven years for trading fraud
Former UBS exchange-traded fund trader Kweku Adoboli has been sentenced to seven years in prison after being convicted of fraud by a British court.
Adoboli, once regarded as one of the rising stars UBS’s exchange-traded fund desk in London, lost the Swiss bank GBP1.4bn – the largest trading loss in British banking history – through a series of unauthorised trades.
In sentencing the son of a former Ghanaian United Nations diplomat at Southwark Crown Court, the judge, Mr Justice Keith, said: “Whatever the verdicts of the jury would have been, you would forever have been known as the man who was responsible for the largest trading loss in British banking history. Your fall from grace as a result of these convictions is spectacular. There is a strong streak of the gambler in you. You were arrogant to think the bank's rules for traders did not apply to you."
- Special Reports