Thursday, September 15, 2011

Rogue Trader Kweku Adoboli arrested over $2bn UBS loss

Kweku Adoboli, a 31-year old trader at UBS, has been arrested by City of London police in connection with rogue trading that has cost the Swiss banking giant an estimated $2bn (£1.3bn).

All American Investor

Mr Adoboli worked in the bank's exchange traded funds (ETFs) business and was arrested early this morning.

In a statement the police, who declined to confirm the trader's identity, said: "A 31-year-old man was arrested at 3.30am in central London on suspicion of fraud by abuse of position. He remains in custody."

Records from the City regulator suggest Mr Adoboli joined UBS as a trainee in March 2006. The bank is one of the City's major institutions, with 6,000 staff in the UK and 65,000 worldwide.

Mr Adoboli was hired by UBS after studying at the University of Nottingham, where he worked as communications officer from 2000 to 2001.

The landlord at Mr Adoboli's former £1,000-a-week apartment in Shoreditch, east London, described him today as a "nice guy".

City rogue trader Kweku Adoboli arrested over $2bn UBS loss


Original content Bob DeMarco, All American Investor