Kweku Adoboli, the man at the center of the Swiss banking scandal has been charged in defrauding his employer, UBS, Switzerland’s largest bank, resulting in the loss of $2 billion from what the bank has termed as “unauthorized” trading.
Kweku Adoboli, the man at the center of the Swiss banking scandal has been charged in defrauding his employer, UBS, Switzerland’s largest bank, resulting in the loss of $2 billion from what the bank has termed as “unauthorized” trading.
A tearful Adoboli appeared in court today and was charged with one count of fraud and two counts of false accounting, one which took place as far back as 2008 and the second occuring recently between January 1 and September 14 of this year.
Adoboli, 31, was arrested yesterday after he informed his bank that he had engaged in unauthorized trading. According to the BBC, only then did UBS become aware of the billion dollar oversight, something that the bank's monitoring systems had failed to notice.
Adoboli, who was born in Ghana is said to have had a privileged upbringing. He attended the £19,635-per-year Ackworth School in Pontefract , UK and was a a graduate of Nottingham University. He is described by his family to be a hardworking and God-fearing person. His father, John Adoboli is a retired United Nations employee. Sahara Reporters attempted to get an interview with John Adoboli but were unable to reach anyone at the family house in Tema, Ghana.
Home of John Adoboli in Community 12, Tema, Ghana. Photo courtesy of Sahara Reporters.
Adoboli is to remain in police custody until his committal hearing set for September 22nd.