GUILTY VERDICT: Kweku Adoboli
FORMER UBS trader Kweku Adoboli has been convicted of two counts of fraud by abuse of position today (November 20) and sentenced to seven years in prison in relation to a £1.4bn loss.
The jury at Southwark Crown Court, London, found the 32-year-old Adoboli not guilty of four other false accounting charges covering the period from October 2008 to his arrest on September 15, 2011.
It was the biggest-ever fraud to occur in Britain.
The fraud conviction carries a maximum prison sentence of 10 years in jail.
“Behind all the technical financial jargon in this case, the question for the jury was whether Kweku Adoboli had acted dishonestly, in causing a loss to the bank of $2.3bn,” said Andrew Penhale, who is the deputy head of fraud at the Crown Prosecution Service (CPS).
“He did so, by breaking the rules, covering up and lying. In any business context, his actions amounted to fraud, pure and simple.”
Penhale added: “People who commit fraud, in any walk of life, should know that the scale and technicality of a case is no barrier to bringing it to justice. At the heart of any complex fraud is a simple notion of dishonesty which is something that we can all understand.”