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