$2bln Bank Fraud by Ghanaian-Born Adoboli

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$2bln Bank Fraud by Ghanaian-Born Adoboli

Ghanaian-born and British educated has been arrested in relation to a bank fraud termed as an “unauthorized trading” by his employer UBS. The employee has been working as a trader at the Swiss bank since 2006 after graduating from the University of Nottingham.

His illegal dealing is assumed to have cost the bank the sum of $2bn. While at the dock in the City of London courtroom, cried while he was told he will be held until the next hearing that is scheduled to take place on the 22 of September.

Surprised about how such a massive trade could have happened undetected, the Swiss bank and British regulators have requested that an independent company examine how the illegal trading was carried out and remained unnoticed.

Adoboli, the centre of this bank fraud case was arrested a few hours after Swiss bank declared a loss of $2bn from unapproved trading. The accused has been charged with fraud, misuse of position and made-up accounting. The illegal accounts are alleged to have been filed between October 2008 and December 2009 as well as January to September 2011.

The police have informed that they will be cooperating with the Serious Fraud Office, the Financial Services Authority as well as the Crown Prosecution Service in order to continue with the investigation.

The bank is Switzerland’s largest and was bailed out not long ago by the nation when it had a crisis in 2007 and 2008. This incident could lead to a major job cut in order to save the bank from bankrupting. According to media analyst, the incident will result to a change in the bank’s management.

After joining Swiss bank, the commerce and digital commerce graduate rose quickly and became the director of Exchange Traded Funds (ETF) in the equities department of bank of London.

Adoboli who relocated to England at the age of 11 was privileged to attend an expensive private boarding school, Ackworth before he later went to the University of Nottingham. His father is a retired official of the United Nations.

You can watch the video version here!

Photo courtesy of the Telegraph, UK
and the Daily Mail UK

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