UBS became aware in September 14 2011, that unauthorised trading had taken place on the Exchange Traded Funds Desk in the Global Synthetic Equities (GSE) trading division in London.
Rogue trader Kweku Adoboli had disguised the underlying positions by the use of late bookings of real trades and the booking of fictitious trades.
In an email sent to chartered accountant William Steward he revealed the £1.4 billion losses he had caused.
It is with great stress and disappointment that I write this mail. First of all the ETF (Exchange Traded Funds) trades that you see on the ledger are not trades that I have done with a counterparty as I previously described.
I used the bookings as a way to suppress the PnL (profit and loss) losses that I have accrued through off book trades that I made.
I take full responsibility for my actions and the s*** storm that will now ensue. I am deeply sorry to have left this mess for everyone and to have put my bank and my colleagues at risk.
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