RSS
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
F

ormer 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.

EDITORS' PICKS

THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER

Subscribe to the Week