Court told of alleged rouge trader, Adoboli's dishonest practices
15 Sep 2012
Alleged UBS rogue trader, Kweku Adoboli devised a system of trades that "crashed like a car hitting a wall at high speed," a court was told yesterday.
Sasha Wass, Queen's Counsel (QC), prosecuting, said in the early days, Adoboli's dishonest practices enjoyed a measure of success and though he was cheating the system he seemed to be getting away with it.
His system crashed on 14 September last year and he was left with no alternative but to owning up to what he had been doing, she said.
She told the court that on 14 September William Steward - a chartered accountant working at the back office at the lender - received a "bombshell email" from Adoboli.
According to Wass, the email revealed that the bank had been exposed to a colossal loss amounting to billions from Adoboli's extensive fraud.
Kweku Adoboli's fake trades stripped £2.8 billion off the share price of the bank- around 10 per cent which he carried out to boost his ego and his bonuses, the jury was told.