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Ex-UBS trader swaps sales for cells


economy

Ex-UBS trader swaps sales for cells

A former trader at the bank UBS in London has been jailed for seven years for the biggest fraud in British history.

Kweku Adeboli lost his employers 1.8 billion euros in risky gambles while was a senior-trader at the Swiss bank’s investment banking arm in London.

On one day in August 2011 he had 9.5 billion euros-worth of dodgy bets on his desk, when the bank had only authorised him up to 80 million – in other words, he was more than 120 times over his limit.

In court he was portrayed as a reckless gambler with a hunger to be a star trader, playing God with the bank’s money. He claimed his bosses knew, but turned a blind eye to bending the rules as long as the deals were making money.

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