UBS trader appears in court - Banking - News - Moneyfacts


UBS trader appears in court

UBS trader appears in court

Category: Banking

Updated: 14/12/2012
First Published: 10/09/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The trial of a former UBS trader is due to begin today, in relation to fraud and false accounting charges.

Kweku Adoboli, who worked in the bank's Delta One investment trading business, was arrested in September last year following the discovery of 'a loss due to unauthorised trading'.

It is estimated the losses incurred by UBS were £1.5 billion, the UK 's biggest 'rogue trading' loss.

Several employees were also dismissed as a result of two major internal investigations.

Chief executive of UBS, Sergio Ermotti, said: "As uncomfortable as the entire trial will be for UBS, it will show us what the consequences are when misconduct occurs or when individuals do not take their responsibilities seriously."

The trial at Southwark Crown Court is expected to last around eight weeks. If found guilty, Adoboli could face a maximum sentence of ten years in jail.

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