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Rogue UBS trader who lost $2.8b jailed for seven years

Published on Nov 21, 2012 6:07 AM
Former UBS trader Kweko Adoboli arrives at Southwark Crown Court in London, November 19, 2012. -- PHOTO: REUTERS

LONDON (AFP) - UBS trader Kweku Adoboli was jailed for seven years in London on Tuesday for gambling away US$2.3 billion (S$2.8 billion) of the Swiss bank's money in Britain's biggest ever fraud.

The Ghanaian-born banker, 32, was found guilty of two counts of fraud by a jury at Southwark Crown Court but cleared of four charges of false accounting.

"There is a strong streak of the gambler in you," judge Brian Keith told Adoboli as he sentenced him. "You were arrogant to think the bank's rules for traders did not apply to you. The tragedy for you is that you had everything going for you. Your fall from grace as a result of these convictions is spectacular."

The judge said Adoboli would serve half his sentence before being released on licence. Adoboli wiped away tears as he was sentenced. He had admitted the losses but denied any wrongdoing.

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