Ghanian-Born Financier Given 7 Years in UK's Biggest Fraud Case Ever
6 months ago
Kweku Adoboli lost $2.2 billion for UBS in bad deals
Kweku Adoboli, who lost $2.2 billion in bad deals at Swiss bank UBS, was sentenced to seven years in prison today. Adoboli was at the center of what prosecutors called the biggest fraud case in U.K. banking history.
The Ghanaian-born financier was said to have exceeded his trading limits and failed to cover his losses, allegedly using fake records to hide his tracks. At one point, Adoboli could have run losses of close to $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."
Adoboli testified last month that he had been trying to help UBS survive after it racked up losses of $52 billion during the global financial crisis.
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"There were times we thought there was no way the organization would survive," said Adoboli, who joined UBS as a trainee in 2003 and rose quickly to become a senior trader. "I grew up with UBS. I felt very loyal to UBS."