UBS Trader Charged with $2 Billion Fraud


Kweki Adoboli, a trader at UBS AG, was arrested on September 15th after the firm discovered unauthorized trades that caused a $2 billion loss, and accounting fraud dating back to October 2008. Adoboli worked for UBS's investment bank at the Delta One desk, advising clients on trades that speculated the performance of a basket of securities. He was charged on three accounts. First, he falsified records of exchange traded fund transactions to gain personally. Second, he was charged with false accounting. Finally, he was also charged as acting against the interest of UBS and abusing the power given to someone in his position. Read more here: http://bloom.bg/qEhcJR