UPDATE: Former UBS (UBS) Trader Adoboli Found Guilty of Fraud in $2.3B Trading Loss
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Kweku Adoboli
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(Updated - November 20, 2012 7:54 AM EST)
UBS AG (NYSE: UBS) trader Kweku Adoboli found guilty of fraud by jury at London court.
UPDATE - According to reports, the jury is still deliberating over five further counts, which includes one additional fraud count and four tied to false accounting.
Adoboli became well known after conducting trades that led to a $2.3 billion loss for the Swiss bank in September 2011.
Following news braking on the trade, UBS issued at statement then, which read: "...due to unauthorized trading by one trader, the firm will record a £1.3 billion (about $2 billion) loss in the quarter. The loss could also result in UBS having a GAAP loss in the period..." UBS did not comment on specifics of the trade at the time.
Not that there is a connection to the bank anymore, but UBS shares ticked slightly higher following the headlines Tuesday morning. See "Related Articles" at the top for more.
UPDATE 2 - Adobol is guilty of second fraud charge, but cleared of all accounting charges, according to Bloomberg headlines.
UPDATE 3 - The London judge ruled that Adoboli is sentanced to 7 years in prison.
UBS AG (NYSE: UBS) trader Kweku Adoboli found guilty of fraud by jury at London court.
UPDATE - According to reports, the jury is still deliberating over five further counts, which includes one additional fraud count and four tied to false accounting.
Adoboli became well known after conducting trades that led to a $2.3 billion loss for the Swiss bank in September 2011.
Following news braking on the trade, UBS issued at statement then, which read: "...due to unauthorized trading by one trader, the firm will record a £1.3 billion (about $2 billion) loss in the quarter. The loss could also result in UBS having a GAAP loss in the period..." UBS did not comment on specifics of the trade at the time.
Not that there is a connection to the bank anymore, but UBS shares ticked slightly higher following the headlines Tuesday morning. See "Related Articles" at the top for more.
UPDATE 2 - Adobol is guilty of second fraud charge, but cleared of all accounting charges, according to Bloomberg headlines.
UPDATE 3 - The London judge ruled that Adoboli is sentanced to 7 years in prison.
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