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Ex-UBS trader gets 7 years in jail for $2.3B loss
 
UBS trader Kweku Adoboli leaves a London court on Friday after being charged with fraud related to his unauthorized $2 billion loss.
UBS trader Kweku Adoboli leaves a London court on Friday after being charged with fraud related to his unauthorized $2 billion loss.
REUTERS/Toby Melville

Former UBS trader Kweku Adoboli was sentenced to seven years in prison on Tuesday after he was convicted of fraud for actions that caused the Swiss bank to lose $2.3 billion. During his trial, Adoboli, 32, argued that his aim was to generate profit for the bank, but the prosecution described him as a "gambler" who sidestepped rules as he saw fit. The verdict comes more than a year after Adoboli was arrested at the London offices of UBS after confessing in an email that he faked trades for years.

 

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