![]() ![]() In November 2012, he was sentenced to seven years in prison (he was released in June 2015 after serving half his sentence including time spent in custody). Adoboli became the new poster boy for everything wrong with the banking industry. The highly publicised trial ran for nine weeks and caused a sensation. Instead of going home to his girlfriend and his Shoreditch loft, he spent the night in a police cell, was charged with fraud and false accounting and sent to prison. After a grilling by UBS’s compliance department he found himself under arrest. ![]() His system came crashing down in the summer of 2011, when he lost the bank US$2.3 billion (£1.8 million). Problem was, Adoboli’s success relied on him illegally inventing non-existent trades as hedges to hide the fact that he was exceeding his risk limits. Life was looking pretty good for Kweku Adoboli. By 2010, he was a team director, earning £110,000 a year plus £250,000 bonus. Within three years he had been promoted to the bank’s trading desk. In the summer of 2002, a computer science and management graduate and former head boy joined UBS as a summer intern. How do they justify their actions – and can it be prevented? ![]() Kweku Adoboli is just the latest in a long line of City traders convicted of fraud. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |