Ex-UBS Trader Adoboli Gets 7 Years for London Fraud

UBS Fractured

Former UBS trader Kweku Adoboli was sentenced to seven years in jail for fraud in relation to a $2.3 billion loss, the largest from unauthorized trading in British history.

Bloomberg reports that Adoboli was convicted Tuesday following a two-month-long London trial. He had pleaded not guilty and argued UBS managers pushed traders to take too many risks and that rule-breaking at the bank was rampant. The 32-year-old was cleared of four counts of false accounting.

'Your fall from grace as a result of these convictions is spectacular', Judge Brian Keith told Adoboli when he sentenced him. 'You are profoundly un-self-conscious of your own failings. You were arrogant enough to think that the bank’s rules for traders didn’t apply to you'.

Adoboli must serve at least half of the seven-year term, Keith said. That amount will be reduced by the amount of time he has already served.

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Ex-UBS Trader Adoboli Gets 7 Years for London Fraud

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