Jury Finds Ex-UBS Trader Guilty Of Fraud Over $2.3B Loss

Law360, New York (November 20, 2012, 12:30 PM EST) -- A London judge on Tuesday sentenced a so-called rogue trader who cost UBS AG nearly $2.3 billion on increasingly bad bets to serve seven years in prison after a jury convicted him on two counts of fraud.

Kweku M. Adoboli had argued that he made the highly leveraged and unhedged trades — which saw losses balloon to some $11.8 billion before shrinking to $2.3 billion — under pressure from his superiors to boost the Swiss bank's profits. After five days of deliberation, the jury found that...
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