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20/11/2012
Former UBS Trader Convicted Of Two Counts Of Fraud
Former UBS trader Kweku Adoboli was today convicted of two counts of fraud by abuse of position.
Andrew Penhale, deputy head of fraud at the Crown Prosecution Service, said: "Behind all the technical financial jargon in this case, the question for the jury was whether Kweku Adoboli had acted dishonestly, in causing a loss to the bank of $2.3bn. He did so, by breaking the rules, covering up and lying. In any business context, his actions amounted to fraud, pure and simple.
"The amount of money involved was staggering, impacting hugely on the bank but also on their employees, shareholders and investors. This was not a victimless crime.
"The CPS Central Fraud Division are pleased to have brought this case so quickly to conclusion, with the trial opening one year to the day after the case was reported to City of London Police. This is a tribute to the hard work and dedication of the whole prosecution team."
(CD)
Andrew Penhale, deputy head of fraud at the Crown Prosecution Service, said: "Behind all the technical financial jargon in this case, the question for the jury was whether Kweku Adoboli had acted dishonestly, in causing a loss to the bank of $2.3bn. He did so, by breaking the rules, covering up and lying. In any business context, his actions amounted to fraud, pure and simple.
"The amount of money involved was staggering, impacting hugely on the bank but also on their employees, shareholders and investors. This was not a victimless crime.
"The CPS Central Fraud Division are pleased to have brought this case so quickly to conclusion, with the trial opening one year to the day after the case was reported to City of London Police. This is a tribute to the hard work and dedication of the whole prosecution team."
(CD)
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
