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14/09/2012
Former City Trader Stands Trial For £1.4bn Loss
A former City trader, accused of causing the largest unauthorised trading loss in British history, will stand trail later today.
32-year-old Kweku Adoboli of Whitechapel, east London, was arrested last September shortly after the UBS bank announced losses of £1.4bn at its London office.
Mr Adoboli is accused of dishonestly abusing his position by making a series of unauthorised trades.
As a senior trader at USBs global synthetic equities branch, Adoboli bought and sold exchange traded funds, which track different types of stocks, bonds or commodities such as metals.
It is alleged he lost a total of $2.25bn between October 2008 and September 2011.
The trial is taking place at Southwark Crown Court, not far from the City's square mile at.
(H)
32-year-old Kweku Adoboli of Whitechapel, east London, was arrested last September shortly after the UBS bank announced losses of £1.4bn at its London office.
Mr Adoboli is accused of dishonestly abusing his position by making a series of unauthorised trades.
As a senior trader at USBs global synthetic equities branch, Adoboli bought and sold exchange traded funds, which track different types of stocks, bonds or commodities such as metals.
It is alleged he lost a total of $2.25bn between October 2008 and September 2011.
The trial is taking place at Southwark Crown Court, not far from the City's square mile at.
(H)
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02 April 2003
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An Office of Fair Trading investigation has warned that many internet travel deals fall well short of their advertising. The probe found that 54 out of 135, or 40%, of UK-based websites visited during the search contained potentially misleading claims.
OFT issue warning over web holiday sites
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20 November 2012
Former UBS Trader Convicted Of Two Counts Of Fraud
Former UBS trader Kweku Adoboli was today convicted of two counts of fraud by abuse of position. Andrew Penhale, deputy head of fraud at the Crown Prosecution Service, said: "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.
Former UBS Trader Convicted Of Two Counts Of Fraud
Former UBS trader Kweku Adoboli was today convicted of two counts of fraud by abuse of position. Andrew Penhale, deputy head of fraud at the Crown Prosecution Service, said: "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.
26 November 2012
FSA Fines UBS £29.7m
The Financial Services Authority (FSA) has fined UBS AG (UBS) £29.7 million, discounted from £42.4 million for early settlement, for systems and controls failings that allowed an employee to cause substantial losses totalling US$2.3 billion as a result of unauthorised trading.
FSA Fines UBS £29.7m
The Financial Services Authority (FSA) has fined UBS AG (UBS) £29.7 million, discounted from £42.4 million for early settlement, for systems and controls failings that allowed an employee to cause substantial losses totalling US$2.3 billion as a result of unauthorised trading.
03 September 2003
Customs investigate suspected £80m VAT scam
Customs and Excise investigators have arrested two people in Chelmsford and searched business premises across England in connection with a suspected £80 million VAT money laundering scam. A spokesperson for Customs and Excise said that it is believed that money was channelled through the bank accounts of two Chelmsford-based companies.
Customs investigate suspected £80m VAT scam
Customs and Excise investigators have arrested two people in Chelmsford and searched business premises across England in connection with a suspected £80 million VAT money laundering scam. A spokesperson for Customs and Excise said that it is believed that money was channelled through the bank accounts of two Chelmsford-based companies.
03 July 2003
Arrests made across UK in massive Customs swoop
In one of the largest VAT fraud operations of its kind, 350 Customs officers swooped on addresses throughout the country - arresting 33 men and four women. More than 70 properties across the UK and Spain were raided this morning as part of 'Operation Euripus'.
Arrests made across UK in massive Customs swoop
In one of the largest VAT fraud operations of its kind, 350 Customs officers swooped on addresses throughout the country - arresting 33 men and four women. More than 70 properties across the UK and Spain were raided this morning as part of 'Operation Euripus'.
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Northern Ireland WeatherToday:A mostly cloudy start with scattered showers, the showers becoming more isolated and largely confined to the south this morning. Becoming brighter this afternoon, the best of any sunnier spells across northern counties. Northerly winds easing. Maximum temperature 12 °C.Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
