UBS rogue trader jailed

A rogue trader who lost £1.4 billion in bad deals has been jailed for seven years after being convicted of fraud. But Kweku Adoboli was acquitted of the four outstanding false accounting charges.

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CPS: Simple dishonesty behind Adoboli's complex fraud

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."

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