Kweku Adoboli

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Kweku Adoboli (2011)

Kweku Mawuli Adoboli (born May 21, 1980 in Tema , Ghana ) is a former Ghanaian investment banker and former employee of the major Swiss bank UBS . For this he worked in investment banking in London . Through unauthorized trade speculation, the bank suffered a loss of $ 2.3 billion from him in 2011. In November 2012, he was sentenced to seven years' imprisonment in the first instance for fraud. He laid in December 2012 appeal against the judgment, but failed at London's Court of Appeal finally in the summer of 2014. In June 2015 he was released early for good behavior from the prison. In 2018 he was expelled to Ghana.

Life

Adoboli grew up in different countries because of the professional activity of his father, a diplomat at the United Nations (UN). In 1991 he moved to London with his family. A year later his parents moved on, Adoboli stayed in the UK and attended a private boarding school in West Yorkshire . After graduating from school and taking a one- year break, he first studied chemical engineering at Nottingham University in 2000 before switching to e-commerce and business informatics.

He first came into contact with UBS in 2002 as an intern. After completing his bachelor's degree , he joined UBS in September 2003 as a graduate trainee . He worked in trade processing (back office) before joining trade (front office) at the end of 2005 . There he last worked from the end of September 2006 in the London Delta-1 trading team in the “Global Synthetic Equity” division with exchange-traded funds (ETFs). In March 2008 he was promoted to Associate Director.

Indictment and conviction

On September 15, 2011, Adoboli was arrested in London. He was accused of causing a loss of 2.3 billion US dollars (approx. 2 billion Swiss francs ) through unauthorized trading . He was charged on September 16, 2011, and the charges were later expanded to include additional cases. Overall, he was accused of fraud through abuse of his position in two cases and four cases of incorrect bookkeeping ( balance sheet falsification ) between October 2008 and September 2011. On June 8, 2012, a court ruled that he was released on bail . The trial against him began on September 10, 2012 in London. He pleaded not guilty, but admitted in court that he had disregarded the bank's risk regulations, worked with secret accounts and caused the loss. In his defense, he argued that he had always had the best interests of UBS in mind and that his superiors tacitly tolerated his actions. On November 20, 2012, Adoboli was tried in the first instance by a London jury for fraud on two counts. The judge set the sentence to seven years, at least half of which had to be served. He was acquitted of the accusation of wrong bookkeeping (falsification of accounts) in four cases. He laid in December 2012 appeal against the judgment, but refused a judge in June, 2013. A second application for appeal, which was then submitted and three judges had to decide in a hearing, was also rejected a year later. In June 2015, Adoboli was released from prison for good conduct. His complaint against the impending deportation to Ghana was rejected by an administrative court in 2016. The British authorities have imposed a life ban on him. On November 14, 2018, he was flown to Ghana by plane. There he lives in the port city of Tema .

UBS perspective

According to UBS, the loss was caused by unauthorized, speculative trading in various stock index futures of the S&P 500 , DAX and Euro Stoxx in the course of the last three months before the indictment. The dealer exceeded the risk limit. However, he concealed this by making fake hedging transactions. This has led to a distortion of the actual dimension of the risk. After the UBS control bodies checked the trader's positions and asked him questions, the trader admitted his illegal activities on September 14, 2011.

Oswald Grübel , Chief Executive Officer (CEO) of UBS, resigned on September 24, 2011 because of this incident.

The Swiss Financial Market Supervisory Authority (Finma) announced a comprehensive, independent investigation in collaboration with the British Financial Services Authority (FSA). A spokesman for Finma described the case as the largest ever at a Swiss bank. It is the largest case of fraud in British history.

See also

literature

Web links

Commons : Kweku Adoboli  - collection of images, videos and audio files

Individual evidence

  1. ^ Kweku Mawuli Adoboli ( Memento September 21, 2011 on WebCite ) in: Financial Services Authority (FSA) Register, accessed September 21, 2011
  2. ↑ a b c d Leo Müller : The player. Portrait in: Bilanz 17/2012 from October 6, 2012
  3. ↑ a b Peter Rásonyi: prison: No mercy for Adobolis scams. In: Neue Zürcher Zeitung from November 20, 2012
  4. ↑ a b Ex-UBS dealer Adoboli appeals against prison sentence. In: Neue Zürcher Zeitung . March 1, 2013, accessed August 7, 2014 .
  5. ↑ a b Adoboli definitely fails with appeal against conviction. In: look . June 4, 2014, accessed August 7, 2014 .
  6. ↑ a b Kweku Adobolis condemnation: "Fair and square". finews.ch, June 5, 2014, accessed August 7, 2014 .
  7. ↑ a b Stefan Eiselin: Money is collected online for UBS fraudster Adoboli. In: Tages-Anzeiger .ch from July 20, 2016, accessed on July 25, 2016.
  8. ↑ a b Peter Rásonyi: UBS trader Adoboli in court . In: Neue Zürcher Zeitung from September 10, 2012
  9. ↑ a b UBS provides more details on unauthorized trading. Media release of September 18, 2011
  10. ↑ Markus Diem Meier: The real danger in Delta-1 trading. In: Tages-Anzeiger .ch / Newsnet of September 22, 2011
  11. ↑ What drove UBS dealer Adoboli? In: Neue Zürcher Zeitung of September 21, 2011
  12. ↑ UBS inspectors are said to have overlooked billions in minus , Spiegel Online , September 16, 2011
  13. ↑ Peter Walker: City bankers who almost sunk UBS denies being a “rogue trader”. In: The Guardian of October 29, 2012
  14. ↑ a b Press releases from UBS on “Unauthorized trading.” Accessed on November 13, 2012
  15. ↑ Dealer Adoboli is released. In: Tages-Anzeiger / Newsnet of June 8, 2012
  16. ↑ UBS Roque trader granted bail by UK court. In: Reuters of June 8, 2012
  17. ↑ a b Ex-UBS dealer Kweku Adoboli again appeals against judgment. In: finanzen.ch from August 1, 2013
  18. ↑ a b c Jeremy Hodges: Ex-UBS dealer Adoboli fails with the first appeal. In: Die Welt from July 30, 2013
  19. ↑ Marc Iseli: UBS fraudster Adoboli collects money online. In: Handelszeitung from July 20, 2016, accessed on July 29, 2016.
  20. ↑ Ex-UBS trader Kweku Adoboli has been deported, BBC, November 14, 2018, accessed November 15, 2018
  21. ↑ Pascal Meisser: What does ... Kweku Adoboli, ex-UBS trader. In: Finanz und Wirtschaft , April 30, 2020.
  22. ↑ UBS boss Grübel wants to “take responsibility” in: NZZ Online from 19 September 2011
  23. ↑ Sergio P. Ermotti appointed ad interim Group CEO - Oswald J. Grübel resigns. Media release of September 24, 2011
  24. ↑ UBS CEO Oswald Grübel resigns NZZ Online , September 24, 2011
  25. ↑ UBS trading losses: FINMA and UK FSA start investigation. Media release in: Swiss Financial Market Supervisory Authority of September 16, 2011
  26. ^ Frank Jordans: Rogue trader causes US $ 2 billion loss at UBS . In: Associated Press . Retrieved September 21, 2011. 
  27. ↑ Tina Kaiser: Billions Gambling - Long prison sentence for Adoboli. In: Die Welt from November 20, 2012
personal data
SURNAME Adoboli, Kweku
ALTERNATIVE NAMES Adoboli, Kweku Mawuli (full name)
BRIEF DESCRIPTION Ghanaian investment banker and fraudster
DATE OF BIRTH May 21, 1980
PLACE OF BIRTH Tema , Ghana