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UBS fined $47.5 million in trading scandal
 
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

Britain's Financial Services Authority fined UBS $47.5 million on Monday for failing to prevent a $2.3 billion loss caused by former trader Kweku Adoboli. The fine was one of the largest ever levied by the British regulator. Adoboli, 32, was sentenced to seven years in prison last week for his role in the scandal. UBS was found to have had serious weaknesses in the internal controls of its investment banking unit.

 

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