UBS trader awaits verdict of fraud trial

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The Independent Online

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.