Ex-UBS trader who lost $2.3bn in new bid for freedom

Prison Bars

He argued at trial that his managers pushed him to take too many risks and that rule-breaking at the bank was rampant.

Kweku Adoboli, the former UBS trader who caused a $2.3bn loss through unauthorized trading, is trying again to get permission to overturn his conviction and seven-year sentence.

Bloomberg News reports that lawyers for Adoboli are scheduled to ask an appeals court in London today to grant him the chance to argue that the conviction should be thrown out. His initial claim was already rejected by a judge in July 2013, without a hearing taking place.

Adoboli was convicted in November 2012 of two counts of fraud for causing the loss at the bank’s London unit. He argued at trial that managers at UBS 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 his sentence.

To access the complete Bloomberg News article hit the link below:

Jailed Former UBS Trader Adoboli Renews Bid to Appeal Conviction

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