2011 UBS rogue trader scandal

Who is 2011 UBS rogue trader scandal?

In early September 2011, the Swiss bank UBS announced that it had lost over 2 billion dollars, as a result of unauthorized trading performed by Kweku Adoboli, a director of the bank's Global Synthetic Equities Trading team in London.

On 24 September 2011, Oswald Grübel, the CEO of UBS, resigned "to assume responsibility for the recent unauthorized trading incident", according to a memo to UBS staff. On 5 October Francois Gouws and Yassine Bouhara, the co-heads of Global Equities at UBS, also resigned. It later emerged that UBS had failed to act on a warning issued by its computer system about Adoboli's trading.

After two delays requested by Adoboli and a change of legal representation, Adoboli pled not guilty to two counts each of fraud and false accounting on 30 January 2012. He was released on conditional bail after a bail application at Southwark Crown Court on 8th June 2012. He was later convicted of both counts of fraud and sentenced to seven years imprisonment. He is currently appealing both conviction and sentence.