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