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

Friday, May 27, 2016
A man in his sixties stabbed in the face 'with a pair of scissors' this morning (Picture: Getty)

Scotland Yard say they have arrested someone after a man was viciously stabbed in the face with a pair of scissors in west London.

Friday, May 27, 2016
Michael Purcell has been jailed for life

A Cricklewood steelworker who murdered his lesbian flatmate showed his hatred of her sexuality by mutilating her genitals it has been revealed today.

Friday, May 27, 2016
Police said men fired shots at a car in Armitage Road in Greenwich (Picture: Street View)

A young man was rushed to hospital last night after he was shot at ‘while in his car’ on a Greenwich street, Scotland Yard said.

Thursday, May 26, 2016
Armed police will patrol Brent

Armed police will be patrolling the streets of Brent following an increase in shootings in the borough.

Thursday, May 26, 2016
The mystery girl was found wandering in  the evening in Daleham Gardens

Police are trying to trace an 11-year-old girl who was discovered wandering in the street in her pyjamas saying she had run away from home.

Wednesday, May 25, 2016
Operation Viper will see more armed police on London's streets  (Photo: Peter Macdiarmid/Getty Images)

Armed police patrols will target gun crime hotspots across the capital after a rise in the number of shootings, as Scotland Yard says there are more guns on the streets.

What is this?

Near You Now

Don't Miss...

Competitions

Win a BMW 1 series

There are fewer cars currently on the market more stylish and exciting than the BMW. Known all over the world as one of the best car manufacturers, the BMW is renowned for sleek designs and fantastic high quality workmanship.

Read more
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

Latest Tech News

Transport