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

Rogue trader is jailed for fraud

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