The former UBS trader accused of losing the bank more than $2bn in unauthorised trades owed money to eight payday loan firms when he was arrested last year, a court heard yesterday.
Kweku Adoboli took home a £360,000 salary but was overdrawn and relying on payday lenders after losing huge sums of his own money through a spreadbetting website. The trader lost £123,000 of his own money through a personal account with IG Index. Adoboli had been officially warned by UBS bosses twice over his undisclosed spreadbetting activities, the Telegraph reports, after the bank banned spreadbetting by traders last year. However, no further action was taken. The jury was told Adoboli continued trading, but through an account with rival spread-betting firm City Index, and had made...
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