Thursday, September 27, 2012

Accused rogue trader did not act alone


The lawyer for accused UBS rogue trader Kweku Adoboli said he did not act alone but learned his behaviour from colleagues at the Swiss bank who later "stabbed him in the back," Reuters reports.

Adoboli, 32, denies charges of fraud and false accounting that cost UBS $2.3 billion (1.4 billion pounds) His lawyer, Charles Sherrard, told Southwark Crown Court on Thursday that Adoboli's three colleagues on the Exchange Traded Funds desk had actively taken part in some of the fraudulent behaviour of which he is accused.

Sherrard made the comments as he began cross-examining John Hughes, who along with Adoboli was a senior trader on the four-man desk....

Read all about it at http://uk.reuters.com/article/2012/09/27/uk-ubs-trial-idUKBRE88Q0JS20120927

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