The jury in the trial of Kweku Adoboli, the former UBS trader accused of causing the largest unauthorized trading loss in British history, began deliberations on whether or not he is guilty.
Bloomberg reports that the 11-person jury was sent out at 2:30 p.m. London time today to consider two counts of fraud and four false accounting charges.
Reuters reports that Adoboli joined UBS as a graduate trainee in 2003 and worked in back and middle office roles until December 2005, when he became a trader.
He joined the Exchange Traded Funds (ETFs) desk in September 2006 and remained there until his arrest.
He is accused of carrying out unhedged trades far in excess of his authorised risk limits, concealing his true risk exposure by booking fictitious hedging trades, and concealing some of his profits so that he could plough them back into the official accounts when it suited him.
The prosecution say he was driven by a desire to be a star trader with huge bonuses to match.
Adoboli Jury Begins Deliberations on $2.3 Billion UBS Loss Case
Jury out in London trial of ex-UBS trader Adoboli