Rogue trader behind biggest UK fraud banned from working in City

Kweku Adoboli, who was jailed for seven years for a trading scam that cost the Swiss bank UBS £1.5bn, has been banned from working in the City of London.

The Financial Conduct Authority barred Adoboli from working in the financial professions after finding he was “not a fit and proper person to perform any functions as his conduct demonstrates a serious lack of honesty, integrity and reputation”.

The Ghanaian citizen was released from Maidstone prison in Kent in June, halfway through his sentence, having been convicted on two counts of fraud over what was described at the time as the biggest scam in UK history. He was acquitted on four separate charges of false accounting.

In a statement, he said: “This prohibition order marks the closing of a difficult chapter for me. I fully recognise the reasons for my prohibition and thank the FCA for their restraint. My hope now is to move forward in a positive way to help others learn from the mistakes I’ve made.”

He is fighting deportation from the UK – where he was once head boy at a Quaker boarding school in Yorkshire – and hopes to give advice on preventing fraud in the future.

Sara George, the partner at law firm Stephenson Harwood who represented Adoboli during his trial, said: “He has served a substantial sentence as a result of his actions and now wishes to repay his debt to society by making a positive contribution to our understanding of how risk management controls in financial markets might be circumvented, from his own personal experiences. He is a young man with much to offer.

“Kweku Adoboli did not contest the FCA’s prohibition order, accepting that the FCA was entitled to rely on the fact of his conviction. As the sentencing judge acknowledged, Kweku Adoboli was not motivated by personal financial gain,” she said.

UBS was fined £30m by the FCA’s predecessor body, the Financial Services Authority, in 2012 for weaknesses in its controls that allowed Adoboli to hide his trades for three years.

Powered by article was written by Jill Treanor, for on Friday 16th October 2015 14.32 Europe/ © Guardian News and Media Limited 2010


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