Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: bonds with Ian Spreadbury

Brewin's Gutteridge: bonds with Ian Spreadbury

This week Brewin Dolphin's research head chats to Fidelity's Ian Spreadbury about the recent behaviour of interest rates and credit spreads.

Play Can tech advances explain the UK productivity puzzle?

Can tech advances explain the UK productivity puzzle?

Much of the productivity puzzle of the last eight years may be explained by a failure to capture new tech

Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Your Business: Cover Star Club

Small is beautiful: wealth firms still see value in less rich

Small is beautiful: wealth firms still see value in less rich

Latest statistics from findawealthmanager.com show that there are many firms who still service smaller clients.

Wealth Manager on Twitter