UBs rogue trader jailed for seven years
Former UBs banker Kweku Adoboli has been sentenced to seven years' imprisonment after having been convicted of the largest fraud in British legal history.
A jury at southwark Crown Court found Mr Adoboli guilty on 20 November 2012 on two counts of fraud by abuse of position. He was acquitted of four further counts of false accounting. Mr Adoboli was alleged to have lost UBs billions of pounds in a number of fraudulent trades. He was said to have made the trades in order to increase his bonus.
The prosecution alleged that Mr Adoboli invented fictitious parties to the trades and lied to his superiors to cover his tracks. It is understood that in september 2011 he sent his managers an email that read: I take full responsibility for my actions and the s***storm that will now ensue. I am deeply sorry to have left this mess for everyone and to have put my bank, and my colleagues at risk. However, in defending the case, Mr Adoboli argued that his superiors were aware of his activities and supported what he was doing.
In passing sentence Mr Justice Keith told Adoboli: "There is a strong streak of the gambler in you. You were arrogant to think the bank's rules for traders did not apply to you."
Articles are intended as an introduction to the topic and do not constitute legal advice.