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UBS trader gets 7 years' jail
Source: Agencies |
November 21, 2012, Wednesday
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A ROGUE trader who lost US$2.2 billion in bad deals at Swiss bank UBS was sentenced to seven years in prison yesterday after being convicted of two counts of fraud.
Ghanaian-born Kweku Adoboli, 32, exceeded his trading limits and failed to cover his losses, allegedly faking records to hide his tracks at the bank's London office. At one point, Adoboli risked running losses of up to US$12 billion.
"There is a strong streak of the gambler in you," Judge Brian Keith told Adoboli.
"You were arrogant to think the bank's rules for traders did not apply to you."
A conviction for fraud carries a maximum jail term of 10 years. The 10-person jury at Southwark Crown Court in London found Adoboli innocent of four other false accounting charges.
The trader ran into trouble dealing in exchange traded funds, complex financial products that track stocks, bonds and commodities. Adoboli admitted the losses, but said he was pressured to take risks.
He also testified last month that he had been trying to help UBS survive after it amassed losses of US$52 billion during the 2007-2008 global financial crisis.
"There were times we thought there was no way the organization would survive," said Adoboli, who joined UBS as a trainee in 2003.
The trading loss at UBS was one of the largest in British banking history. United States-based JPMorgan Chase lost at least US$5.8 billion through bad trades at its London office, the bank's CEO Jamie Dimon said in July.
Ghanaian-born Kweku Adoboli, 32, exceeded his trading limits and failed to cover his losses, allegedly faking records to hide his tracks at the bank's London office. At one point, Adoboli risked running losses of up to US$12 billion.
"There is a strong streak of the gambler in you," Judge Brian Keith told Adoboli.
"You were arrogant to think the bank's rules for traders did not apply to you."
A conviction for fraud carries a maximum jail term of 10 years. The 10-person jury at Southwark Crown Court in London found Adoboli innocent of four other false accounting charges.
The trader ran into trouble dealing in exchange traded funds, complex financial products that track stocks, bonds and commodities. Adoboli admitted the losses, but said he was pressured to take risks.
He also testified last month that he had been trying to help UBS survive after it amassed losses of US$52 billion during the 2007-2008 global financial crisis.
"There were times we thought there was no way the organization would survive," said Adoboli, who joined UBS as a trainee in 2003.
The trading loss at UBS was one of the largest in British banking history. United States-based JPMorgan Chase lost at least US$5.8 billion through bad trades at its London office, the bank's CEO Jamie Dimon said in July.
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