November 20th, 2012
09:58 AM ET

Former trader guilty of fraud after 'staggering' loss

A former trader for Swiss banking giant UBS was convicted Tuesday on two counts of fraud in connection with what prosecutors called a "staggering" $2.3 billion loss in unauthorized trading.

The court found Kweku Adoboli guilty of two counts of fraud by abuse of position. He was acquitted on four other charges.

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Filed under: Business • Courts • Justice
soundoff (3 Responses)
  1. Portland tony

    Preposterous! How One trader could run amuck with 2B in trades without oversight is unfathomable. I guess by his conviction, the bank loses all culpability?

    November 20, 2012 at 1:13 pm | Report abuse |
  2. banasy©

    Agreed

    November 20, 2012 at 2:27 pm | Report abuse |
  3. banasy©

    One would think someone would have noticed after say, oh, the first billion was lost...

    November 20, 2012 at 4:48 pm | Report abuse |