Monday, October 26, 2020

Former Ghanaian UBS Trader detained again in the UK

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Fred Dzakpata
Fred Dzakpata is a Ghanaian journalist who specializes in business reporting in Africa.
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Former Ghanaian trader convicted of fraud in the UK, Kweku Adoboli has been re-arrested ahead of his deportation to Ghana.

Mr Adoboli UBS trader was granted bail last month after more than 30 days in detention pending his deportation.

He served four years of a seven-year sentence for a £1.4 billion fraud at Swiss bank UBS. Mr Adoboli fears the UK authorities may soon deport him after his re arrest on Monday by the UK Home Office.

He in a video after reporting himself to the home office that “I have got to go report to the Home Office, am really kind of stressed and worried I will be detained”.

Some friends are upset with the latest decision by the UK Home Office to detain Kweku Adoboli. One of them Pippa took to social media to register her displeasure saying ”I am upset at the Glasgow immigration centre where Kweku was detained a while ago.

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We have got serious concerns about some of the evidence that were put before the judge of the home affairs was ambiguous and incorrect.”

Background

Adoboli joined UBS’s London office as a graduate trainee in September 2006. After working for two years as a trading analyst in the bank’s back office, he was promoted to a Delta One trading desk.

In 2008, he became a director on the ETF desk, and by 2010, he was promoted to director, with a total annual salary of almost £200,000.

Beginning in 2008, Adoboli started using the bank’s money for unauthorized trades. He entered false information into UBS’s computers to hide the risky trades he was making.

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He exceeded the bank’s per-employee daily trading limit of US$100 million and failed to hedge his trades against risk.

Adoboli also used his personal funds on two spread betting accounts, IG Index and City Index, where he lost around £100,000.

In mid-2011, UBS launched an internal investigation into Adoboli’s trades. On 14 September 2011, Adoboli wrote an e-mail to his manager admitting to booking false trades.

His trades cost the bank $2 billion (£1.3 billion) and wiped off $4.5 billion (£2.7 billion) from its share price. The trading losses he incurred while trading for his bank were the largest unauthorized trading losses in British history.

Charges and conviction

On 15 September 2011, Adoboli was arrested by City of London Police. He was charged with two counts of fraud by abuse of position and four counts of false accounting.

The Ghanaian was in prison on remand until 8 June 2012, when he was granted bail subject to being electronically tagged and placed under curfew at a friend’s house.

On the morning of 20 November 2012, a jury at Southwark Crown Court unanimously found Adoboli guilty on one count of fraud.

Later the same day, after receiving an instruction allowing for a majority decision with a single vote against, the jury found him guilty of a second count of fraud.

The jury also found him not guilty on the four false accounting charges. He was sentenced to seven years in prison.

Adoboli was incarcerated at Verne Prison in Dorset, Ford Prison in West Sussex and Maid stone Prison in Kent. He was released in June 2015.

 

 

 

Source: Africafeeds.com

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