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FSA prepares to fine UBS up to £50m over rogue trading
by Daniel Grote on Nov 23, 2012 at 07:52
The Financial Services Authority is preparing to fine UBS up to £50 million for management failures that led to rogue trader Kweku Adoboli amassing a £1.4 billion loss, according to the Financial Times.
The paper cited sources close to the situation as claiming the FSA and UBS were finalising the details of a settlement, with a joint announcement expected next week.
The FSA and Swiss financial regulator Finma announced a joint probe shortly after UBS revealed the losses. Adoboli (pictured) was this week jailed for seven years after he was found guilty of two counts of fraud.
UBS, Swiss financial regulator Finma and the FSA declined to comment to the FT.
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