$2.3 Billion UBS Trading Loss Case Goes to Jury
Traders Magazine Online News, November 14, 2012
The jury in the trial of Kweku Adoboli, the former UBS AG trader accused of causing the largest unauthorized trading loss in British history, began deliberations on whether or not he is guilty.
The 11-person jury was sent out at 2:30 p.m. London time today to consider two counts of fraud and four false accounting charges. He has been on trial since Sept. 14, one year after he confessed in an e-mail to a UBS accountant to booking fake hedges to hide the risk of his actions. The trades led to a $2.3 billion loss.
Adoboli testified before the London criminal court that his managers pressured him to take on more risk and overlooked the fact that the profits the desk was generating didn’t match up to its reported risk profile. He said nothing he did was dishonest and it was all intended to make money for the bank.
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