UBS rogue trader Kweku Adoboli sentenced to 7 years

In 2003, as a graduate trainee working for financial giant UBS, Kweku Adoboli must have felt quite lucky to be employed by such a prestigious company. He must also have felt quite lucky, some years later, when nobody noticed he was gambling away millions of pounds on rogue transactions. But there's a reason why they say "don't push your luck", and today for the once-promising city trader it was a totally different matter.

The 32 year old sheepishly appeared at Southwark Crown Court to learn his fate in regards to what has been defined the "largest trading loss in British banking history". A gambling spree that lasted many years, fuelled by his conviction of being some sort of banking wizard with the golden touch.

While working for the swiss bank's Global Synthetic Equities Division, he managed to establish a sophisticate system of fictitious trades that at some point simply spiralled out of control. And we are talking big money: not only at one stage he was about to make UBS lose over £7.5billion, but also when he got arrested and the story hit the media, more than £2.8billion was instantly wiped off the company's share value.

He decided to come clean after a colleague began to be suspicious of his bookkeeping records, and on the 14th September 2011 he wrote an email where he confessed his unauthorised trades. He was arrested immediately and after 8 months, he was granted bail. Crafty Kweku Adoboli was finally convicted today of two counts of fraud (one involving a loss of £1.4 billion), and cleared of four counts of false accounting.

Just outside Southwark Crown Court, DCI Perry Stokes from the City of London police explained: "Rules put in place to protect the bank's position and the integrity of the markets were being bypassed and broken by a young man who wanted it all and was not willing to wait. When Adoboli's pyramid of fictitious trades, exceeded trading limits and non-existent hedging came crashing down, the repercussions were felt in financial centres around the world. Now, just a year on, he is facing the reality that he was not above the law and will be made to pay for his crimes. Others who tread a similar path to his can expect the same fate."

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