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UBS rogue trader Adoboli jailed for 7 yrs over 'UK's biggest 1.5bn pounds fraud'

Source : ANI
Last Updated: Wed, Nov 21, 2012 06:00 hrs

A 32-year-old rogue trader who almost destroyed the Swiss banking giant UBS through increasingly reckless illicit deals, has been jailed for seven years.

Kweku Adoboli racked up eventual losses for the bank of over 1.5 billion pounds during three years of secretive, off-the-books trades, which he managed to conceal from bosses.

At one point, the potential liabilities totalled over 7 billion pounds, a sum described by prosecutors as sufficient to bring down the bank, the Guardian reports.

According to the paper, the judge jailed Adoboli for seven years after the jury at Southwark crown court convicted him on two counts of fraud.

He was acquitted on four separate charges of false accounting.

Describing the case as the UK's biggest fraud, Perry Stokes, the City of London police detective chief inspector who led the investigation, said Adoboli was 'a young man who wanted it all and was not willing to wait'. (ANI)




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