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

Sign up for our news alerts today!

Our editors' picks for the day's top news delivered to your inbox or phone.

Sign up for email alerts Sign up for mobile alerts
2 3 4 5 6

Latest Crime news

Thursday, October 8, 2015
Roadside tributes to cyclists are not a rare sight in the capital (Photo: Rob Stothard/Getty Images)

A lorry driver has been summonsed to appear at Westminster Magistrates’ Court accused of causing death by careless driving.

Wednesday, October 7, 2015
CCTV footage of the raid at Windsor Bishop jewellers in Norwich carried out by Islington smash and grab raiders Alfredo Rojasvagras, Bradley McMillan,  Mark Moloney and Dillon Zambon with two other associates. Picture: PRESS ASSOCIATION

Islington’s smash and grab shame was thrown back into the spotlight this week, after three men – and one boy – from the borough were jailed for a combined 20 years for a jewellery shop robbery.

Wednesday, October 7, 2015
A man punched a teenager in the face and verbally abused him on a Metropolitan Line train (Picture: PA Images)

A 19-year-old was punched in the face by a man - who was also verbally abusing him - on a Metropolitan Line tube train as it pulled in to Harrow on the Hill station, according to British Transport Police (BTP).

Wednesday, October 7, 2015
Dragos Moisica, 27, a Romanian national of High Street, Edgware, raped a girl on her 12th birthday at a hotel in Kenton (Picture: Metropolitan Police)

This man raped a vulnerable girl on her twelfth birthday. He groomed his child victim - he gave her presents, professed his love and finally lured her to a north London hotel for sex.

Wednesday, October 7, 2015
Winston Churchill statue in Woodford Green was vandalised with paint splashed over it

Vandals have poured orange and pink paint over Winston Churchill’s statue in Woodford Green.

Wednesday, October 7, 2015
Anyone with information about this man is asked to contact police on 101 quoting image 191154 or anonymously via Crimestoppers on 0800 555 111

Police have released a video of a chilling knifepoint robbery in Clerkenwell Close in hopes of identifying a man they want to speak to.

Breaking News

Friday, October 9, 2015

London Fire Brigade are dealing with a chemical incident near St Martin-in-the-Fields Church in Trafalgar Square, they have confirmed.

Read more

What is this?

Near You Now

Don't Miss...

Line-Up Events


You'll be stocked up on toiletries  for a while!

Cosmetics, toiletries, vitamins and more.

Read more
You could be splashing the cash at Topshop!

Just imagine what you could do with £1,000 to spend at Topshop.

Read more

Latest Tech News