Kweku | InvestmentWatch

Rogue trader, who caused $2.3 Billion loss and precipitated the loss of 10K jobs, jailed for 7 years

Fourteen months after the largest loss from unauthorized trading in British history, UBS AG (UBSN) is accelerating a retreat from risk taking.

The actions of Kweku Adoboli, the 32-year-old former trader found guilty of fraud in a London court yesterday, hastened a strategic review that culminated in a decision to eliminate 10,000 jobs and dismantle portions of an investment bank UBS spent more than a decade building.

The $2.3 billion loss exposed [...]

Here Is What Happened The Last Time A Trader Was Caught Manipulating CDS Marks

Just because the market is so stupid it completely ignores what the news of the day is: namely that JPM engaged in what Jacob Zemansky on TV just called criminal behavior when it consistently mismarked its CDS book, as it itself admitted 10 minutes before releasing its earnings today, an act that in itself is nothing short of what Barclays is in the 10th circle of hell for due to blowing up Lieborgate sky [...]

Former UBS trader, accused of unauthorized deals that cost the Swiss bank $2.3 billion, granted bail – Reuters

Former UBS (UBSN.VX) trader Kweku Adoboli, who is accused of unauthorized deals that cost the Swiss bank $2.3 billion, was granted bail by a London court on Friday.

Adoboli, who denies charges of fraud and false accounting relating to the loss, was arrested last September. He was previously denied bail in February.http://www.reuters.com/article/2012/06/08/us-ubs-adoboli-idUSBRE8570PO20120608

InvestmentWatch

Subscription Options:

SUBMIT YOUR NEWS TIPS OR ARTICLE

Rogue trader, who caused $2.3 Billion loss and precipitated the loss of 10K jobs, jailed for 7 years

Here Is What Happened The Last Time A Trader Was Caught Manipulating CDS Marks

Former UBS trader, accused of unauthorized deals that cost the Swiss bank $2.3 billion, granted bail – Reuters

Search On This Site

It only takes a few moments to share an article, but the person on the other end that reads it might have their life changed forever