Judge Throws Book at Ghanaian Funds Trader for ‘Near Destruction of Bank’

Kweku Adoboli Photograph: Leon Neal
By SaharaReporters, New York

A Southwark Crown Court judge has ordered 32 year old Ghanaian funds trader Kweku Adoboli to serve a sentence of 7 years behind bars for a rash of unauthorized trades that blew up and cost his employer, the Swiss bank UBS, over $2 billion.

Adoboli was convicted and sentenced this week for what was called the biggest fraud in British history. A senior trader on the Exchange Traded Funds (ETFs) desk at UBS’s investment banking arm in London, Adoboli admitted trading way over his authorized risk limits. He then made fictitious book entries to hide his true positions.
 
As the foreman of the jury gave the first verdict on the main count of fraud, Mr. Adoboli bowed his head. He was then taken into custody and returned later to hear the five other verdicts. He was not given an opportunity to leave the dock to embrace his father, John, who had travelled to Britain from Ghana to support his son throughout the lengthy trial, and was seated directly behind the dock.
 
Adoboli will have to serve half the sentence before being released on probation. After taking into account the time already spent in custody, he could be out of prison in about two and a half years.
 
During the trial, the prosecution portrayed him as a reckless gambler who played God with UBS’s money, driven by a desire to be a star trader with a huge bonus to match.
 
His defense was that the bank had turned a blind eye to rule-bending as long as profits rolled in and that others knew what he was doing and did not disapprove.
 
He had pleaded not guilty to two charges of fraud by abuse of position covering the period from October 2008 to his arrest on Sept. 15, 2011.
 
The jury returned a unanimous verdict of guilty on the main fraud count, holding him directly responsible for the $2.3-billion loss. It related to his unhedged, multibillion-dollar trades in the summer of 2011.
 
He was acquitted on four counts of false accounting related to the fake entries he admitted making into UBS’s computer systems to hide his true positions, for which the jury needed to be certain that he had acted for personal financial gain.
 
Mr. Adoboli had always disputed the prosecution argument that he was driven by a desire for a bigger bonus.
 
Several  top UBS executives including former Chief Executive Oswald Gruebel, resigned, were sacked, or sidelined following the scandal, but the bank and its managers strongly denied encouraging traders to break the rules.
 
The bank has since slashed the size of its investment banking business, though the ETFs desk has survived.
 

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????

Why not just hold your hands if you dont know what to write? Its people like you that give arguement of selective action by EFCC and introduce tribal sentiments to every arguement.

A lesson

Before the revelation of the true identity of this individual, Ghanaians poured all sorts of vituperation on Nigerians claiming that Nigerians were using their names and passports to commit fraud abroad and that this guy must be one of such people,this development I thought was a shame considering that the facts speak otherwise.Truth remains that Ghanaians are the true enemies of Nigerians anywhere as they do not spare any thought on this unless they have things to gain from you,maybe it is envy or something but not sibling rivalry bcos Ghana and Nigeria are not match for each other so cannot be contesting and so it must be something inherently nasty in the life of Ghanaian,all one needs to do is listen to Ghana radio and TV stations during this election period to know who they are.

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Test your knowledge of the Continent called Nigeria

Which continent Nigeria Pastor slaps his church members when they do not contribute enough money toward buying a private jet for him?
a)David Oduyemi
b) Pastor Bakare
c) Pastor Chris
d) Pastor Oritsejafor
e) Pastor adeboye

Which continent Nigeria Pastor has developed mouth cholera because he lost election to become vice president & therefore lost his ambition to ride on presidential private jet?
a)David Oduyemi
b) Pastor Bakare
c) Pastor Chris
d) Pastor Oritsejafor
e) Pastor adeboye

Which continent Nigerian country are very good at criticizing other people except their own, but whose perennial cowardice has no match, resulting in them having a history of Foreigners coming over to rule over them as Kings?
a) Biafra Republic b) Arewa Republic c) Oduduwa Republic
d) Republic of the SS & SE/Niger Delta Republic

Long live Isaac Adaka Boro
Long live Ken S. Wiwa
Long live Dim Chukwuemeka Ojukwu
Long live the SS & SE Republic

The Stupid British easily get u Nigerians carried away

Manytimes, not sometimes, I wonder how these stupid British easily get u Nigerians carried away. Imagine the story made to look as if the boy is evil or has no morals.

What do you say about the British government who shielded Umaru Dikko & prevented Nigerian commandos from smuggling him back to the continent to face corruption charges? The same double standard British convicted Ibori for the same crime that Umaru Dikko was effectively protected in the same Britain. Has any of of you bothered to ask why? It is simple...Umaru Dikko accepted a deal & invested heavily in the UK, so Margaret protected him. Ibori refused to play their card & invest to suit them, so they exposed him. This is how the US also deal with the continent....always protecting their own interests and all you fools applaud in stack ignorance.I hope you have learned.

The new republic of the SS & SE has not that mentality.

Long live the United states of the SS & SE

Kai! This boy has eventually

Kai! This boy has eventually gone own. Na wa o!

taking into account all the

taking into account all the unclaimed african loot stashed in UBS and other swiss banks this figure here is a little chicken change. african loot, african man jailed double loss for a continent. shame on UBS let this poor chap walk jo

union bank of switzerland

That services the bastards called UBS right. How I wish the loss was larger enough to make the bastard bank bankrupt. Enough of african loot stashed in swiss bank.

Hi to James Ibru

Say me hi to James Ibro when to get to jail

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