Ex-UBS trader convicted of $2.3 bn fraud

November 20, 2012 20:25

Former UBS trader Kweku Adoboli was convicted on Tuesday of one count of fraud related to a loss of $2.3 billion. Adoboli, 32, was a senior trader on the Exchange Traded Funds desk at UBS's investment banking arm in London and had worked for the bank for eight years.

He had denied two charges of fraud by abuse of position and four charges of false accounting. He bowed his head when the foreman of the jury at Southwark Crown Court gave the unanimous verdict of all 10 jurors.

The judge instructed the jury to keep trying for unanimous verdicts on the other five counts, but said that if they could not reach unanimity he would accept majority verdicts of 9-1.

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