Ex-UBS trader Adoboli convicted of $2.3 billion fraud

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November 20, 2012 10:49 PM EST

Former UBS trader Kweku Adoboli was convicted on Tuesday 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 September 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.

(Reporting by Estelle Shirbon,; writing by Steve Addison, editing by Guy Faulconbridge)

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Copyright 2012 Thomson Reuters. All rights reserved.

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