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18/09/2012
City Trader On Trial For Fraud Lost £123,000 Spread Betting
The City trader accused of bringing Swiss bank USB to the brink of collapse by losing £1.4bn had lost £123,000 of his own cash through a spread betting account, a court has heard.
A jury heard how Kweku Adoboli lost so much of his own money spread betting that he had turned to Wonga.com and a string of other payday lenders.
32-year-old Adoboli opened an account in March 2010 with IG Index, a spread betting firm that allows customers to make bets on financial instruments.
In the year running up to his arrest last September he lost £123,000 and was issued with two warnings by his bosses for failing to declare the account, which breached the banks rules.
He had also opened a second spread betting account at City Index.
Southwark crown court also heard that despite his £360,000 annual salary Adoboli's personal bank account was mostly overdrawn.
The account showed a string of payments to Wonga.com, Moneybox.com, Wageday Advance, Payday UK, Pounds to Pocket and three other payday lenders.
His bank account also shows his monthly salary payments increased from £2,886.66 in October 2008 to £6,176.69 in October 2010.
Adoboli, who worked for UBS's Delta One trading desk, denies two charges of fraud and two of false accounting dating back to 2008.
(H)
A jury heard how Kweku Adoboli lost so much of his own money spread betting that he had turned to Wonga.com and a string of other payday lenders.
32-year-old Adoboli opened an account in March 2010 with IG Index, a spread betting firm that allows customers to make bets on financial instruments.
In the year running up to his arrest last September he lost £123,000 and was issued with two warnings by his bosses for failing to declare the account, which breached the banks rules.
He had also opened a second spread betting account at City Index.
Southwark crown court also heard that despite his £360,000 annual salary Adoboli's personal bank account was mostly overdrawn.
The account showed a string of payments to Wonga.com, Moneybox.com, Wageday Advance, Payday UK, Pounds to Pocket and three other payday lenders.
His bank account also shows his monthly salary payments increased from £2,886.66 in October 2008 to £6,176.69 in October 2010.
Adoboli, who worked for UBS's Delta One trading desk, denies two charges of fraud and two of false accounting dating back to 2008.
(H)
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The HSBC bank has admitted that a computer disc, containing details of 370,000 customers, has been lost. The disc contains customers' names, dates of birth and levels of life assurance cover. It is understood that the disc went missing four weeks ago after it was sent via courier from the bank's Southampton offices.
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