RISKY BUSINESS: Kweku Adoboli, a senior trader at the Swiss bank UBS was a “master fraudster” who lost $2.3 billion for the bank — and risked a $12 billion loss that threatened its very existence — over more than two years, prosecutors told a British jury.
EMAIL ADMISSION: In a September 2011 email to his superiors that was read in court, the trader admitted that since 2008, he had amassed huge losses on off-the-book trades — failing, against the rules, to hedge against failure by placing balancing trades — and had covered his trail by falsifying records.
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NOT GUILTY PLEA: Despite that email, Adoboli has pleaded not guilty to two counts of fraud and two counts of false accounting.
