Verdict due in trial of Whitechapel ‘rogue trader’

15:14 14 November 2012

Adoboli was on trial at Southwark Crown Court. Picture: Lewis Whyld/PA Wire

Adoboli was on trial at Southwark Crown Court. Picture: Lewis Whyld/PA Wire

A Whitechapel city trader accused of gambling away £1.4 billion is awaiting his fate, after jurors in his trial retired today.

Kweku Adoboli, 32, of Clark Street, denies two counts of fraud and four counts of false accounting between October 2008 and September 2011. It allegedly wiped £2.8 billion off the Swiss bank’s share value.

Over an eight-week trial at Southwark Crown Court, prosecutors have claimed 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.

But he denies any wrongdoing, and claims he was pressured by senior managers to take risks.

Prosecutor Sasha Wass QC told jurors that he was “a gamble or two away from destroying Switzerland’s largest bank for his own gain”.

She said: “He did all of this by exceeding his trading limits, by inventing fictitious deals to conceal this and then he lied to his bosses.

“Mr Adoboli’s motive for this behaviour was to increase his bonus, his status within the bank, his job prospects and of course his ego.

“Like most gamblers, he believed he had the magic touch. Like most gamblers, when he lost, he caused chaos and disaster to himself and all of those around him.”

At one point he was at risk of causing the bank losses of $12 billion (£7.5 billion).

But the former public schoolboy told jurors that everything he had done was aimed to benefit the bank, where he viewed his colleagues as family.

Adoboli worked for UBS’s global synthetic equities division, buying and selling exchange traded funds (ETFs), which track different types of stocks, bonds or commodities such as metals.

Related articles

Latest Crime news

Tuesday, May 3, 2016
Police want to identify these men (Photo: Metropolitan Police)

Police are hunting two men who attacked three people to steal laptops that had been advertised on Gumtree - including a nine-year-old boy

Tuesday, May 3, 2016
The fight is understood to have broken out over a game of football (Photo: Petey21)

A man was stabbed outside the King’s Arms pub in Mitcham on Sunday night in what police believe was a row over a game of football in the beer garde.

Friday, April 29, 2016
These deadly weapons have been seized in Brent over the last 24 hours (Pic: Twitter@MPSBrent)

It might look like a harmless torch but this is actually a disguised Taser which has been seized by Brent Police.

Friday, April 29, 2016
British Transport Police want to speak to this woman (Photo: BTP)

A woman has had her lip split open after she was attacked for veering in front of another woman on the station concourse At Manor House.

Friday, April 29, 2016
Abdi's police mugshot

A serial rapist who sexually assaulted five women as young as 19 and as old as 75 in a sick crime spree across east London has been locked up for life.

Friday, April 29, 2016
One of the crashed cars found near Ferry Lane, Rainham

People will be killed if street racers keep performing illegal late night stunts in front of hundreds of onlookers at an industrial estate, police have warned.

What is this?

Near You Now

Don't Miss...

Competitions

Kindle 7 inch tablet

Are you looking for a brand new gadget to help you stay connected on the go and make that long journey home a bit more entertaining? Look no further. MyOffers is giving you the chance to win 1 of 50 Kindle Fire 7” Display Tablets! That’s 50 times more chances to win, so hurry up and enter our competition today and you could be one of our lucky winners!

Read more
Yummy traditional afternoon teas for two

MyOffers is giving you the chance to win 1 of 50 Traditional Afternoon Teas for two at a location of your choice! That’s 50 times more chances to win, so hurry up and enter our competition today and you could be one of our lucky winners!

Read more

Latest Tech News

Transport