April 24, 2014
LONDON (AP) - A rogue City trader who gambled away 1.4 billion pounds ($2.2 billion) in bad deals at UBS bank has been found guilty of fraud.
The 32-year-old Ghanaian-born Kweku Adoboli exceeded his multimillion-pound trading limits and failed to hedge trades, allegedly faking records to cover his tracks at the Swiss institution's London office. At one point, Adoboli risked running losses of up to $12 billion.
Adoboli admitted to the losses, but said he was pressured by staff to take risks.
Jurors at London's Southwark Crown Court are still deliberating over a second count of fraud and four counts of false accounting.