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View the article online at http://citywire.co.uk/wealth-manager/article/a635836

Ex-UBS trader Adoboli found guilty of $2.3bn fraud

by Emma Dunkley on Nov 20, 2012 at 11:44

Kweku Adoboli, the former UBS trader accused of losing the bank $2.3 billion (£1.4 billion) in fraudulent trades, has been found guilty.

The trader was convicted of one of six counts at Southwark Crown Court, according to the BBC.

The jury went out to debate the future of Adoboli on 14 November, who denied four charges of false accounting and two of fraud, between October 2008 and September 2011.

Adoboli was arrested on 15 September for alleged unauthorised trading dater it was discovered around $2.3 billion was lost at the bank in delta one trading.

Experts in the exchange traded fund (ETF) industry said at the time that the fictitious trade could have arisen from the lack of European regulation surrounding trade reporting.

One of the major issues is that brokers trading equities and equity-like instruments with other brokers are not required, under European law, to send a ‘confirm’ for this trade.

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