Rogue UBS Trader Convicted In $2.3B Loss

 @MikeObelm.obel@ibtimes.com
on November 20 2012 8:04 AM

Jurors in a London court Tuesday convicted a former UBS AG senior trader, charged after he lost $2.3 billion of the Swiss bank's money, of fraud, exposing the Ghanaian-born man to a sentence of as much as 10 years in prison for the biggest fraud in British history.

Kweku Adoboli, 32, failed to hedge traded and exceeded his trading limits, falsifying the record to mask his activities from 2008 to 2011, officials charged. Adoboli, who admitted losing the money, said he was pressured by superiors in his London trading room, Reuters said.

Jurors at Southwark Crown Court in London continued to deliberate over several other charges in the case.

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