{"id":5398,"date":"2012-11-22T00:00:00","date_gmt":"2012-11-22T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/11\/ubs_rogue_trader_convicted_of"},"modified":"2022-05-02T15:30:43","modified_gmt":"2022-05-02T20:30:43","slug":"ubs-rogue-trader-convicted-of","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-rogue-trader-convicted-of\/","title":{"rendered":"UBS \u2018Rogue Trader\u2019 Convicted of Fraud that Caused $2.3B Loss"},"content":{"rendered":"

Kweku Adoboli, an ex-UBS (UBS)<\/a> trader, has been convicted of fraud over bad deals he made at the Swiss Bank that resulted in $2.2 billion in losses. He has been sentenced to 7 years behind bars.<\/p>\n

Adoboli, who had pled not guilty to the criminal charges, is accused of booking bogus hedges and storing profits in a secret account to hide the risks related to his trades and dealings involving exchange-traded funds, commodities, bonds, and complex financial products that track stocks. Not only did he go beyond his trading limits but also he did not cover his losses.<\/p>\n

Meantime, the ex-UBS trader had argued in his defence that the trading losses happened not because of fraudulent or dishonest conduct on his part but because he and other traders were asked to accomplish too much without sufficient resources and in a very volatile market.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Kweku Adoboli, an ex-UBS (UBS) trader, has been convicted of fraud over bad deals he made at the Swiss Bank that resulted in $2.2 billion in losses. He has been sentenced to 7 years behind bars. Adoboli, who had pled not guilty to the criminal charges, is accused of booking bogus hedges and storing profits […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3741,3755],"tags":[],"class_list":["post-5398","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-securities-fraud","category-ubs"],"yoast_head":"\nUBS \u2018Rogue Trader\u2019 Convicted of Fraud that Caused $2.3B Loss — Investor Lawyers Blog — November 22, 2012<\/title>\n<meta name=\"description\" content=\"Kweku Adoboli, an ex-UBS (UBS) trader, has been convicted of fraud over bad deals he made at the Swiss Bank that resulted in $2.2 billion in losses\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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