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Former UBS AG trader Kweku Adoboli was sentenced to seven years in jail for fraud in relation to a US$2.3-billion loss, the largest from unauthorized trading in British history.
Adoboli was convicted Tuesday following a two-month-long London trial. He had pleaded not guilty and argued UBS managers pushed traders to take too many risks and that rule-breaking at the bank was rampant. The 32-year-old was cleared of four counts of false accounting.
“Your fall from grace as a result of these convictions is spectacular,” Judge Brian Keith told Adoboli when he sentenced him. “You are profoundly unselfconscious of your own failings. You were arrogant enough to think that the bank’s rules for traders didn’t apply to you.”
The conviction means Adoboli will be mentioned in the same breath as rogue traders Jerome Kerviel, who was found guilty of causing a 4.9 billion-euro (US$6.3 billion) trading loss at Societe…
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