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Ex-UBS trader faces US$2.3b fraud trial
Source: Agencies |
September 15, 2012, Saturday
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A BRITISH prosecutor accused former UBS trader Kweku Adoboli yesterday of fraudulently gambling away US$2.3 billion, believing he had the magic touch but instead causing "chaos and disaster to himself and to all those around him."
Adoboli, 32, is on trial at Southwark Crown Court accused of two counts of fraud and two counts of false accounting. He has pleaded not guilty.
Opening the prosecution case a year almost to the day since the then trader was arrested at UBS's London office in the middle of the night, counsel Sasha Wass said: "Mr Adoboli had ceased to act as a professional investment banker and had begun to approach his work as a naked gambler. He had become what is referred to as a rogue trader."
"Adoboli's motive for this behavior was to increase his bonus, his status within the bank, his job prospects and his ego."
"He did this by exceeding his trading limits, by inventing fictitious deals to conceal this and then he lied to his bosses," she told the jury.
Wass said his fraudulent deals had wiped 10 percent, or US$4.5 billion, off the Swiss bank's share price.
At one stage he risked losing nearly US$12 billion in unhedged investments. "He had been sucked into the gambler's mindset and he started throwing good money after bad," she said. "He was putting the very existence of the bank at risk."
Adoboli, 32, is on trial at Southwark Crown Court accused of two counts of fraud and two counts of false accounting. He has pleaded not guilty.
Opening the prosecution case a year almost to the day since the then trader was arrested at UBS's London office in the middle of the night, counsel Sasha Wass said: "Mr Adoboli had ceased to act as a professional investment banker and had begun to approach his work as a naked gambler. He had become what is referred to as a rogue trader."
"Adoboli's motive for this behavior was to increase his bonus, his status within the bank, his job prospects and his ego."
"He did this by exceeding his trading limits, by inventing fictitious deals to conceal this and then he lied to his bosses," she told the jury.
Wass said his fraudulent deals had wiped 10 percent, or US$4.5 billion, off the Swiss bank's share price.
At one stage he risked losing nearly US$12 billion in unhedged investments. "He had been sucked into the gambler's mindset and he started throwing good money after bad," she said. "He was putting the very existence of the bank at risk."
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