UBS trader awaits verdict of fraud trial
Sunday 11 November 2012
One of the great symbols of the bankers' avarice before and even during the crisis has been Jerome Kerviel, the Société Gé*érale banker now serving porridge in a French jail.
In a case that prosecutors have tried to show echoes Kerviel's ¤4.9bn trading fraud, 32-year-old Kweku Adoboli, right, will find out whether Southwark crown court finds him guilty of costing UBS £1.4bn in allegedly illicit trades. Adoboli's legal team argues that, unlike Kerviel, the Ghana-born, British-educated trader had not gone "rogue", but that he was encouraged by his superiors to "push the boundaries" in pursuit of profit.
During the trial, Adoboli said under oath: "We were told you wouldn't know where the limit of the boundary was until you got a slap on the back of the wrist. We found that boundary, we found the edge, we fell off and I got arrested."
Adoboli denies two counts of fraud and four of false accounting from late 2008 to September 2011.
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