May 22 2013 Latest news:
Thursday, November 15, 2012
The jury in the trial of a city trader accused of gambling away £1.4billion have been sent home for the day.
Kweku Adoboli, 32, is charged with fraud and false accounting over the losses to UBS, which wiped £2.8billion off the Swiss bank’s share value.
Prosecutors claim that in a bid to boost his status and bonuses Adoboli exceeded his trading limits and failed to hedge trades, faking records to cover his tracks.
He denies any wrongdoing, saying he was pressured by senior managers to take risks.
Adoboli, from Clark Street, Whitechapel, east London, is accused of two counts of fraud and four counts of false accounting between October 2008 and September 2011, which he denies.
During his summing up of the evidence, Mr Justice Keith asked jurors to decide whether Adoboli acted dishonestly “by the standards of sensible and honest people” when considering the fraud charges.
He added that Adoboli may have had “more than one reason” for his actions.
“The difficulty here is that when people do things, they often have more than one reason for doing them,” he said.
“It may therefore be difficult for you to say that what motivated Mr Adoboli was solely his desire to maximise profits for the bank, or that what motivated Mr Adoboli was solely his desire to increase his bonus and his prospects for advancement within the bank.
“Things are never that black and white.”
The jury is to resume its deliberations at 2pm tomorrow.