UBS ex-trader sentenced to 7 years in prison

M. Adoboli, a former trader for the Swiss bank UBS, received seven years in prison for fraudulent actions that caused the financial institution to lose $2.3 billion.
dollars.

On Tuesday, a jury in a London court reached a guilty verdict: Mr. Adoboli abused his authority between 2008 and 2011 when he participated in unauthorized trading by the bank. But, at the same time, he was not found guilty of false reporting.

32-летний трейдер в своё оправдание утверждал, что «его деятельность была направлена на получение прибыли, и его коллеги прекрасно об этом знали». Обвинитель охарактеризовал г-на Адоболи как «амбициозного» и «азартного» человека, который обходил законы, когда ему это было выгодно.

On the night of September 15, a trader was arrested at the London office of UBS after he admitted in an email that he had been breaking internal bank rules for years. The scandal prompted the resignation of UBS executive director Oswald Grubel and the management of the investment division.

Trouble in the banking sector coincided with the beginning of the weakening of the European financial system. Thus, in 2008, a trader for the French bank Société Générale, Jerome Kerviel, was accused and later convicted of causing $6.8 billion in damages. Both former traders traded in the derivatives market.

A native of Ghana, Adoboli began working at UBS as an intern after graduating from the University of Nottingham in 2003. He quickly rose through the ranks to become a securities trader at Exchange Traded Funds, the Delta One trading platform and derivatives in 2006.

Финансовые потери стали накапливаться с лета 2011 года, когда г-н Адоболи ошибочно сделал ставку на неперспективное направление финансового рынка, которое «увязло» в европейском долговом кризисе. В течение этого периода UBS, как считают аналитики, потерял 12 млрд. долларов.