Ex-UBS trader Adoboli convicted of $2.3 billion fraud
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)
Most Popular Slideshows
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Marvel Announces Release Dates Of 11 Upcoming Movies From 2015 To 2019
- Xiaomi Becomes World’s Third Largest Smartphone Manufacturer By Dethroning Huawei
- Entry Of Peshmerga Fighters From Iraq Boosts The Kobani Battle Against ISIS: Turkey Provides Transit
- Nexus 6, 9 Buyers on November Release Will Enjoy These 3 Killer Lollipop 5.0 Features First
- Nokia Lumia 730 v. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Woman Hanged In Iran Talks Abuse In Prison, Left Chilling Message To Family
- Australia Special Forces Await 'Delayed' Iraqi Visas Before Joining ISIS Fight