Fox Business - The Power to Prosper
Search Site

Kweku Adoboli

Ex-UBS rogue trader Adoboli tries again for appeal

Former UBS trader Kweku Adoboli has re-submitted his appeal against his fraud conviction after a first attempt was rejected, court officials said.Adoboli was convicted in November last year of two counts of fraud over unauthorised trades that cost the Swiss bank $2.3 billion in 2011. He is serving a seven-year jail sentence.At his trial, he admitted trading far in excess of authorised limits and booking fictitious off-setting trades to hide his true risk exposure, but argued that everything he did was to make profits for UBS and was in line with bank culture.The prosecution accused Adoboli of playing God with UBS's money in the belief that he had the magic touch, driven by a desire to be a star trader.Adoboli filed an application to appeal against his conviction and sentence in December.Following normal procedures, it was considered by a single judge without a hearing. Permission to appeal was refused in June, court officials said.Defendants whose applications are rejected at the first...

Read More

  1. Timeline: Troubles mount at Swiss bank UBS

    UBS's $1.5 billion fine for rigging global benchmark interest rates is the latest blow for the Swiss bank which has already suffered hefty losses from past mistakes....

  2. UBS to Pay $1.5B Fine for Rigging Libor: Source

    Switzerland's UBS (NYSE:UBS) is set to pay the second-largest fine ever levied on a bank on Wednesday when it admits that a group of its traders rigged Libor interes...

  3. UBS faces $1 billion day of reckoning over interest rate rigging

    UBS AG is expected to be hit with a $1 billion-plus fine to settle charges of rigging Libor interest rates this week, making it the second bank to be brought to book...

  4. UBS faces $1.6 billion fine over Libor rigging: paper

    UBS faces a fine of 1.5 billion Swiss francs ($1.63 billion) to settle interest rate rigging charges, a Swiss newspaper reported on Saturday.Citing unnamed sources, ...

  5. UBS to admit Japan criminal wrongdoing in Libor case: sources

    UBS will admit to criminal wrongdoing by its Japanese arm, where one of the Swiss bank's traders manipulated yen Libor and euroyen contracts, to secure a $1-billion-...

  6. UK watchdog fines UBS over trading scandal

    UBS was fined 30 million pounds ($48 million) by Britain's financial watchdog and put under extra scrutiny by its Swiss counterpart over failings that allowed a rogu...

  7. Swiss regulator beefs up control measures at UBS

    Switzerland's financial regulator said it was examining whether UBS should raise capital as part of measures to mend major control failures that led to a $2.3 billio...

  8. UK regulator fines UBS $47 million over rogue trader case

    Britain's financial regulator fined Swiss investment bank UBS 29.7 million pounds ($47.6 million) for system and control failings that allowed Kweku Adoboli to cause...

  9. FSA Fines UBS GBP29.7 Million for Unauthorized Trading Failing

    The U.K. Financial Services Authority, or FSA, said Monday it has fined UBS AG (UBS) 29.7 million pounds for systems and controls failings that allowed an employee t...

  10. Swiss Regulator Finma Tightens Control Measures On UBS

    The Swiss Financial Market Supervisory Authority Finma Monday said it will appoint an independent third party to ensure corrective measures are successfully implemen...

  11. Rogue Trader Could Cost UBS $80 Mln Fine: Report

    UBS faces a fine of as much as 50 million pounds ($79.7 million) and new supervisory measures for oversight failures that led to a $2.3 billion loss at the hands of ...

  12. UBS Trader Gets 7 Years for $2.3B Fraud

    Former UBS trader Kweku Adoboli was convicted and sentenced to seven years in jail on Tuesday for the biggest fraud in British history, which resulted in a loss of $...

  1. UBS to Meet Activist Investor Pushing for Bank Breakup

    An activist investor pushing for a breakup of UBS AG (UBS) will meet with a top executive of the Swiss bank next week, according to a person familiar with the situat...

  2. UBS Shareholder Calls for Split with Investment Bank

    A UBS AG (UBS) investor called for the Swiss lender to hive off its investment banking business that "nearly destroyed" it during the financial crisis, striking an a...

  3. Expectations low for UBS bankers awaiting bonus awards

    Swiss bank UBS AG will tell its employees on Wednesday what bonus, if any, they will be receiving for 2012, a year in which staff endured a radical restructuring and...

  4. UBS lays off 35 senior bankers in the Americas

    UBS AG cut roughly a third of its Americas investment banking and capital markets group this week, including 35 senior managing directors, three sources close to the...

  5. UK finance job sackings and suspensions at five-year high: law firm

    The number of financial services staff sacked or suspended in Britain last year for reasons such as wrongdoing reached the highest level in five years, law firm Pins...

  6. Banks sing new tune to serenade wary graduates

    With pay levels and reputation under attack, investment banks are changing tack to lure graduates, dumping brash presentations with get-rich-quick appeal in favor of...

  7. UBS faces fight to uphold reputation among super-rich

    Private clients who have stood by UBS through repeated scandals will have their faith tested by the Swiss bank's admission of rate rigging, investors say.Chief execu...

‹ Prev12345Next ›
Freebase CC-BY
Source: Kweku Adoboli on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL