UBS Rogue Trader Appeals 7-Year Sentence

Convicted UBS trader Kweku Adoboli asked a British appeals court to overturn his seven-year prison sentence for causing a $2.3bn loss through unauthorized trades.

Bloomberg reports that Adoboli, 32, was convicted in November of two counts of fraud for causing the loss at the bank’s London unit.

He filed the request to have his case reviewed with the U.K. Court of Appeal in London in December, according to court records made available this week. The appeals court must decide whether to hear the case.

Adoboli pleaded not guilty and argued at trial that managers at the Swiss bank pushed him to take too many risks and that rule-breaking at the bank was rampant. While he admitted causing the loss, he said it wasn’t done dishonestly. Adoboli was ordered to serve at least half of the seven-year term. He’s already been in custody for more than a year, including his time in jail before trial.

He is serving his sentence at Verne Prison on the Isle of Portland, a jail on a small island off the south coast of Dorset, England, that was once a military barracks. He has joined the choir and taken on a volunteer role at the prison.

Hit the link below to access the complete Bloomberg article:

Convicted UBS Trader Adoboli Appeals Rogue-Trade Sentence

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