Kweku Adoboli

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Kweku Adoboli

Kweku Adoboli was a Ghanaian-born British trader at Swiss bank UBS’ Global Synthetic Equities Trading team in London and is best known for his role in the 2011 UBS rogue trader scandal. Adoboli was born on 21 May 1980 in Ghana and his family home is in Accra, Ghana, but he has lived in the UK since 1991.[1]

Childhood and education[edit]

He is the son of a senior United Nations official from Ghana and grew up in Israel, Syria and Iraq before being sent to Ackworth School in West Yorkshire where, according to the Times, he was head boy. In his profile on the school’s website, he says he wanted to be an athlete or a chemical engineer when he grew up. Adoboli graduated from the University of Nottingham in July 2003 with an honours degree in computer science and management.[2][3]

Career[edit]

According to his LinkedIn social networking profile, from 2006 to 2011, he worked at UBS’s Equity Trading division as a trader analyst in the bank’s city of London office. Prior to this, he had been a trade support analyst at the same bank. Whilst in his more recent role, Adoboli was arrested under suspicion of fraud in connection with a loss of a then-estimated $2 billion, due to unauthorized trading at UBS’ investment bank.[2]

Charges[edit]

On 16 September 2011, it was announced that City of London Police charged Adoboli with fraud by abuse of position and false accounting. Adoboli spent time in prison until 8 June 2012, when he was granted bail on the condition that he is placed under curfew at a friend’s house and electronically tagged. Adoboli was found guilty unanimously of one count of fraud on the morning of 20 November 2012. After receiving an instruction allowing for a vote that would override a single hold-out, the jury found him guilty of a second count of fraud the same day.

But the jury also found him not guilty of "false accounting" charges.

Conviction[edit]

On the 20th of November 2012 he was found guilty and was sentenced to seven years in prison. A statement by the City of London Police said: "This was the UK's biggest fraud, committed by one of the most sophisticated fraudsters the City of London Police has ever come across."[4]

See also[edit]

References[edit]

  1. ^ Ahmed Sule (20 September 2011). "Kweku Adoboli: Every ‘criminal African". Business Day. 
  2. ^ a b Jay Newton-Small (15 September 2011). "The UBS ‘Rogue Trader’ Scandal: Just Who Is Kweku Adoboli?". Time.com. 
  3. ^ Gordon Rayner, Andrew Hough and Victoria Ward (15 September 2011). "I need a miracle: rogue trader Kweku Adoboli who lost UBS 1.3bn". Daily Telegraph. Retrieved 15 September 2012. 
  4. ^ "Kweku Adoboli jailed for fraud over £1.4bn UBS loss". BBC News. 20 November 2012. Retrieved 20 November 2012. 

Further reading[edit]