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News Summary: UBS rogue trader guilty of fraud

  • Article by: The Associated Press
  • Associated Press
  • November 20, 2012 - 11:41 AM

CONVICTED: A rogue trader who lost $2.2 billion in bad deals at Swiss bank UBS was sentenced to seven years in prison Tuesday after being convicted in what prosecutors called the biggest fraud case in U.K. banking history

SPLIT VERDICT: The 10-person London jury found Kweku Adoboli guilty of two counts of fraud and innocent of four other false accounting charges. The conviction on the second fraud count came on a 9-1 vote after the judge said he would accept a majority verdict.

HUGE RISKS: Adoboli exceeded his trading limits and failed to cover his losses, allegedly faking records to hide his tracks. At one point, Adoboli risked running losses of up to $12 billion.

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