Monday, 26 October 2015

Kweku Adoboli turns his hand to compliance training

From The Telegraph -

“Kweku Adoboli, the trader convicted of fraud after losing $2.3bn at UBS, is now speaking at compliance seminars for City workers and studying for a PhD, according to reports.

Adoboli was last week banned from financial work by the FCA, in what he said was "the closing of a difficult chapter for me". He is also fighting attempts to deport him to Ghana, where he was born but has not lived since he was four years old.

As a trader within UBS’s global synthetic equities team, Adoboli booked phantom trades to give the appearance of hedging his positions, leaving the bank unwittingly exposed to the full extent of his trading losses. He also hoarded profits from good trades to use later to cover losses on missteps.”

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