Search: Look for:   Last 1 Month   Last 6 Months   All time

UBS rogue trader Adoboli jailed for 7 yrs over 'UK's biggest 1.5bn pounds fraud'

London, Wed, 21 Nov 2012 ANI

London, Nov 21 (ANI): A 32-year-old rogue trader who almost destroyed the Swiss banking giant UBS through increasingly reckless illicit deals, has been jailed for seven years.

Kweku Adoboli racked up eventual losses for the bank of over 1.5 billion pounds during three years of secretive, off-the-books trades, which he managed to conceal from bosses.

At one point, the potential liabilities totalled over 7 billion pounds, a sum described by prosecutors as sufficient to bring down the bank, the Guardian reports.

According to the paper, the judge jailed Adoboli for seven years after the jury at Southwark crown court convicted him on two counts of fraud.

He was acquitted on four separate charges of false accounting.

Describing the case as the UK's biggest fraud, Perry Stokes, the City of London police detective chief inspector who led the investigation, said Adoboli was 'a young man who wanted it all and was not willing to wait'. (ANI)

Pranab Mukherjee presenting the Standard to the 18 Squadron of Indian Air Force
PM Modi speaking in the Lok Sabha
PM Modi meets the former Prime Minister and the Congress President
Pranab Mukherjee receiving the first copy of the book entitled 8th Ring from the Executive Editor
Modi at the inauguration of an exhibition on making of the Constitution by the Constituent Assembly
Post comments:
Your Name (*) :
Your Email :
Your Phone :
Your Comment (*):
  Reload Image




Excellent Hair Fall Treatment
Careers | Privacy Policy | Feedback | About Us | Contact Us | | Latest News
Copyright © 2015 NEWS TRACK India All rights reserved.