Kweku Adoboli will spend seven years in prison for . A British court convicted him on two counts of fraud for losing $2.3 billion dollars in his risky bets over several years, ending in 2011.
Adoboli was acquitted of four other charges involving false accounting; the Financial Times says that means the jury found from what he did. In fact, he testified the losses came as he tried to cover up an earlier $400,000 trading loss. As Eyder reported previously, what he'd done to his superiors: their internal controls had failed to spot him.
Adoboli denied the other fraud charges, claiming the Swiss bank pressured its traders to take extreme risks. He added his co-workers knew what was going on. , calling him 'arrogant' and a 'gambler', says the New York Times. He was arrested more than a year ago after he made a wrong call on the direction of the financial markets, roiled by European financial instability. At the five-day trial, a senior UBS official testified Adoboli exposed his employer to losses of as much as $12 billion.
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