UBS's Adoboli still appealing

Kweku Adoboli

Former UBS trader Kweku Adoboli has re-submitted his appeal against his fraud conviction after a first attempt was rejected, court officials said.

Reuters reports that Adoboli was convicted in November last year of two counts of fraud over unauthorised trades that cost UBS $2.3bn 2011.

He is serving a seven-year jail sentence.

At his trial, he admitted trading far in excess of authorised limits and booking fictitious off-setting trades to hide his true risk exposure, but argued that everything he did was to make profits for UBS and was in line with bank culture.

The prosecution accused Adoboli of playing God with UBS's money in the belief that he had the magic touch, driven by a desire to be a star trader.

Hit the link below to access the complete Reuters article:

Ex-UBS rogue trader Adoboli tries again for appeal

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