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Andrew Penhale, deputy head of fraud at the Crown Prosecution Service (CPS) said Kweku Adoboli had simply acted dishonestly, and his fraudulent actions had impacted "hugely" on a large number of people. He said:
"The amount of money involved was staggering, impacting hugely on the bank but also on their employees, shareholders and investors. This was not a victimless crime."
UBS said in a statement they were "glad" criminal proceedings against their former employee Kweku Adoboli had "reached a conclusion." Adoboli was jailed today for seven years for committing the UK's largest ever fraud.
Kweku Adoboli who lost £1.4 billion of UBS's money in the UK's biggest ever fraud has been jailed for seven years.
Police say former UBS trader Kweku Adoboli made his reckless trades difficult to detect.
Detective Chief Inspector Perry Stokes, who led the investigation said the 32-year-old, was one of the most sophisticated fraudsters he had seen.
Rogue trader Kweku Adoboli who lost £1.4 billion in bad deals at UBS has also been found guilty of a second fraud charge, but acquitted of the four other outstanding false accounting charges.
Kweku Adoboli, who lost £1.4 billion of UBS's money, has been found guilty of one count of fraud at Southwark Crown Court. The jury is still deliberating on other charges.
He admitted the losses but claimed that he was pressured by staff to take risks, culminating in bad deals.
Latest ITV News reports
This is the email that rogue trader Kweku Adoboli sent revealing the £1.4 billion losses he caused.