Rogue trader is jailed for fraud

Trader Kweku Adoboli has been jailed for seven years after costing the UBS bank £1.4 billion.

Latest ITV News reports

UBS trader found guilty of fraud

Kweku Adoboli has been found guilty of fraud. Credit: AP Photo/Kirsty Wigglesworth

A rogue trader who cost a major international bank £1.4 billion has been found guilty of fraud.

32 year-old Kweku Adoboli exceeded his trading limits and failed to hedge trades at the London office of Swiss bank UBS.

A jury at Southwark Crown Court has found him guilty of one charge of fraud - it is still considering another as well as four counts of false accounting. £2.8 billion was wiped off UBS's share value after the scale of Adoboli's deals was discovered.

Advertisement