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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.


Police issue warning over fraudulent Olympic ticket sites

Police investigating the sale of Olympic tickets on fraudulent websites are appealing for potential victims to come forward.

Detectives from Operation Podium have been investigating the websites and since October 2011.

Detective Superintendent Nick Downing said:

"... I urge anyone who has bought tickets from either of these websites to please get in touch with us at"

"... At this time when the majority of tickets have been sold, the public need to be more wary than ever about buying from an unauthorised source."


Accused UBS 'rogue trader' on bail

Kweku Adoboli Credit: Reuters/Luke MacGregor

A city trader accused of losing a record £1.4 billion in a banking fraud has been released on bail.

Kweku Adoboli from Whitechapel was working for Swiss bankers UBS when he lost the money last year.

He denied two counts of fraud and two of false accounting at an earlier hearing but was remanded in custody. He's due to stand trial in September.

Man charged following 'Olympic closing ceremony fraud' arrests

Detectives from Operation Podium have charged a man with fraud offences involving the Olympic Games.

The investigation began after dance schools in Northamptonshire received offers for their pupils to participate in the closing ceremony of the Olympic Games.

Olympic organisers LOCOG alerted the police to what were suspected as being fraudulent offers. Officers have now arrested 35 year-old Steve Moonesamy, from Northampton. A 31 year-old woman has also been arrested and taken to an east London police station where she was bailed.

Scotland Yard investigates voting fraud

Scotland Yard has been asked to investigate evidence of postal voting fraud in east London, ahead of next week's elections.

Six Labour councillors, from Tower Hamlets, wrote to the electoral commission warning of alleged abuses of the electoral register - thought to involve bogus voters casting postal votes. The authority says it's taking the allegations very seriously.

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