Ex-Yorks schoolboy guilty of £1.4 billion fraud

Kweku Adoboli Credit: Press Association

A rogue trader who lost £1.4 billion in bad deals which nearly brought down a major international bank has been found guilty of two counts of fraud . At one point during his run of losses, former Ackworth School pupil Kweku Adoboli, 32, stood to run up losses of £7.5 billionfor employer UBS.

The Ghanaian-born former public schoolboy was accused of exceeding his multi million-pound trading limits and failing to hedge trades, faking records to cover his tracks at the Swiss bank's London office.

He admitted the losses but claimed that he was pressured by staff to take risks, culminating in bad deals which wiped £2.8 billion off the bank's share value when they were discovered.

The jury at Southwark Crown Court in London convicted him of two counts of fraud linked to the £1.4 billion loss but cleared him of four remaining charges of false accounting. Mr Justice Keith adjourned sentencing .