Trader who lost £1.4bn 'told to push boundaries'
Wednesday 31 October 2012
An alleged rogue trader accused of gambling away £1.4bn was urged to "push the boundaries" by his bosses, a jury heard yesterday.
Kweku Adoboli, 32, is accused of committing Britain's biggest ever fraud while working for Swiss bank UBS during the global financial crisis. He denies two counts of fraud and four counts of false accounting between October 2008 and last September after he set up an "umbrella" fund for off-book trades.
Jurors at Southwark Crown Court heard the fund was doing well until he changed from a conservative "bearish" position to an aggressive "bullish" stance under pressure from senior managers.
Yassine Bouhara, former co-head of equities at UBS, allegedly told Mr Adoboli in an email: "You don't know what your limits are until you push the boundary so far that you receive a slap on the back of the wrist."
Answering questions by his defence barrister Paul Garlick QC, Ghanaian-born Adoboli said: "There were no secrets, there was no hiding, there was no holding back. We were told to go for it, we went for it. We were told to push the boundaries, so we pushed the boundaries."
The former public schoolboy, from Whitechapel, east London, worked for UBS's global synthetic equities division, buying and selling exchange-traded funds, which track different types of stocks, bonds or commodities such as metals.
The trial continues.
- 1 Secret Cinema interview: Why were Back to the Future screenings cancelled?
- 2 Christians: The world's most persecuted people
- 3 Israel-Gaza conflict: The secret report that helps Israelis to hide facts
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: John Prescott condemns bombardment of Gaza as a 'war crime'
Thatcher ‘was warned of Tory child sex party claims’
Israel-Gaza conflict: President Obama presses Netanyahu to call ‘immediate and unconditional’ Gaza ceasefire
Lauren Goodger calls for tougher laws on revenge porn after sex tape leaks online
Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£40000 - £45000 per annum: Ashdown Group: An established professional services...
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...