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UBS fined $58.2 million over Adoboli scandal: Regulator

Published on Nov 26, 2012 4:11 PM

LONDON (AFP) - Britain's financial regulator said on Monday that it had fined Swiss bank UBS £29.7 million (S$58.2 million) for failings that allowed Kweku Adoboli to commit the country's biggest fraud.

Adoboli, 32, was jailed last week for seven years after gambling away US$2.3 billion (S$2.8 billion) of the lender's money.

"UBS's systems and controls were seriously defective," said Ms Tracey McDermott, director of enforcement and financial crime at Britain's Financial Services Authority watchdog.

A jury in London last week found the Ghanaian-born banker guilty of two counts of fraud, though it cleared him of four charges of false accounting.