Diving for Gold

'Rogue trader' Kweku Adoboli faces fraud charges dating back to 2008

From the Guardian,

“A tearful Kweku Adoboli, the alleged rogue trader at the centre of a $2bn (£1.3bn) loss at Swiss bank UBS, appeared before magistrates on Friday to be charged with fraud and false accounting dating back to 2008.

A clerk at City of London magistrates court handed the 31-year-old Ghanaian a tissue as the 15-minute proceedings began, after which the one-time star trader was led away to remain in custody until a bail hearing on 22 September.

Adoboli’s charge sheet appeared to allege that he had taken steps to cover loss-making trades as long ago as 2008. A committal hearing was set for 28 October.

The timescale of the allegations will raise questions about risk management procedures at the bank, put intense pressure on the chief executive, Oswald Grübel, and fuel calls from some Swiss politicians for the bank to exit its investment banking business, putting thousands of jobs at risk in the City. Many UBS bankers already fear for their year-end bonuses.”

http://www.guardian.co.uk/business/2011/sep/17/kweku-adoboli-ubs-fraud-charges

I’m an accountant and I know that anyone can make a mistake when it comes to numbers.

You go to do a trade, your mobile rings, your finger remains on the zero for a split second too long.

You make a trade for $1,000,000,000 instead of $100,000.

Shit happens.

Then you try to cover it up.

He just needs to say, “sorry”.

Tell them, “it’s a mistake that anyone could make”.

“Not as if anyone died”.

“It’s only money”.


“Remember the glass is half full”.

Or just blame someone else.

The people at UBS need to keep their hair on and not over react its not the end of the world.

It wasn’t their money anyway.

Posted 12:13 PM on Sat Sep 17 2011
By Teens
1281 views, 1 comments
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    Deep Heat at 02:58 PM on Sat Sep 17 2011 | flag      | Follow Me On Twitter

    He is due a very very long prison term. If rioters got a year in custody for causing a thousand pounds of damage then he could be incarcerated for at least one thousand years for causing hundreds of millions of pounds of destruction to the City of London. Plus I've already seen a few mentions of the fact that he was from Ghana and was an ethic minority neither of these facts have been proven to reduce your sentence in the UK.