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UBS hit with stinging £29.7m fine after Adoboli losses
Markets
by Sarah Miloudi on Nov 26, 2012 at 07:22
The Financial Services Authority (FSA) has hit UBS with a stinging £29.7 million fine.
The regulator said the penalty was originally set at £42.4 million after it found systems and controls failings at the bank that allowed Kweku Adoboli to cause 'substantial losses' totalling US$2.3 billion.
Adoboli clocked up the losses via unauthorised trading and last week was convicted of two counts of fraud by abuse of position. He was sentenced to seven years’ in prison.
The FSA said the systems and controls failings at UBS revealed serious weaknesses in its procedures, management systems and internal controls.
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1 comment so far. Why not have your say?
CoeurDeLion87
Nov 26, 2012 at 08:54
Ahhhh another SHAKEDOWN. I wonder if anyone has added up the total of these regulatory shakedowns and considered the cost to shareholders and the western economies as a whole. BP, Standard Chartered, UBS and countless others that have been less well reported. It seems the perennial skyscraper of regulation, governmental interference and compliance lawyers are the new robber barons. Judging by salaries at North Collonade and elsewhere it would appear that this is a nice little earner for those who spend most of their time closing down businesses, putting experienced personnel out of business and being far too judgmental on issues that they have little or no practical experience in. It's the new age of fascism straight and simple.
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