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Fallen star – UBS rogue trader jailed for record UK bank fraud, firm fined UK£29.7m

Kweku Adoboli, the ex-UBS trader whose activities on the Swiss bank’s Exchange Traded Funds (ETF) desk led to US$2.3bn in losses, was jailed for seven years on 20 November 2012. The jury found him guilty on two counts of fraud by abuse of position around fictitious hedging trades and fabricated cash-only trades but not guilty of a further four charges of false accounting.