Former UBS trader Kweku Adoboli has been sentenced to seven years in prison after being found guilty of fraud following a $2.3bn rogue trade at the Swiss bank.
The Southwark Crown Court jury returned a guilty verdict on two counts of fraud by abuse of position, one relating to the period in which the losses were sustained (May-September 2011) and another prior to May 2011. "You were arrogant to think the bank's rules for traders did not apply to you," the presiding judge told Adoboli as he sentenced him. "Your fall from grace as a result of these convictions is spectacular." Adoboli faced trial at a London court from 10 September to 14 November after he was accused of carrying out rogue trades that culminated in the bank reporting a loss ...
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