UBS AG , Switzerland’s largest bank, faces a fine of about 45 million pounds ($71.7 million) for failing to detect billions in unauthorized trades by Kweku Adoboli, a person familiar with the situation told Bloomberg’s best.
The bank could get a maximum penalty of as much as 50
million pounds from the U.K.’s Financial Services Authority, said the person,
who asked not to be identified because the fine isn’t yet public. The final
sanction is more likely to be closer to 45 million pounds and hasn’t yet been
negotiated, said the person. A fine of that amount would be the U.K.’s
second-highest ever.
Adoboli, a former trader in UBS’s London office, was
sentenced to seven years in jail on Nov. 20 for fraud in relation to the $2.3
billion loss, the largest from unauthorized trading in British history. A UBS
investment-bank executive testified during Adoboli’s trial that losses from his
trades could have reached $12 billion….
Read all about it at http://www.bloomberg.com/news/2012-11-22/ubs-said-fined-72-million-for-missing-adoboli-trading.html
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