Christmas in prison for Kweku Adoboli on £1.4bn UBS fraud charges

[AtW]

I dont think age is relevant.

And I think it is.

[lilelvis2000]

I'm still waiting for fred the shred to be arrested.

[sbakoola]

Glad I didn't get the risk calculations grid job there then ....

[BrilloPad]

Question - how is it remotely possible that a single 31-year old trader is even able to lose so much money especially given that he probably had positions valued much more than he lost?

I dont think age is relevant. But it proves that UBS systems were not up to the job. They need a few decent contractors in to put things right.

[Cenobite]

I knew Kweku at university: he was a bit of a student union type but he helped me out once so he wasn't all bad

[AtW]

"The lawyer representing Kweku Adoboli, 31, who is accused of two charges of false accounting and two charges of fraud, asked a London court to arraign the former UBS banker so he did not have to enter a plea.

Paul Garlick, representing Mr Adoboli, told the court he did not think the alleged rogue trader had received "adequate legal advice in relation to the counts on indictment". The court was told that if the delay was not allowed, Mr Adoboli would have pleaded not guilty.

Mr Garlick replaced lawyers from law firm Kingsley Napley, which had been representing him.

Mr Justice McCreath said the case could be adjourned until January 30 to allow Mr Adoboli's legal team the time to prepare his plea, but added that no further postponements would be granted.

"This is it. It will go ahead on that day [January 30] whatever," said Mr Justice McCreath.

Mr Aboboli was warned by Mr Justice McCreath that his failure to enter a plea for a second time after an earlier hearing was adjourned meant his "credit was evaporating".

Mr Aboboli was this week granted legal aid to help pay for his defence against the accusation he masterminded one of the largest rogue trades in market history.

The discovery of the unauthorised trades led to the resignation of UBS's German chief executive Oswald Grübel, as well as the co-head of the bank's global equities business where Mr Adoboli had worked until September.

Mr Adoboli, the public school-educated son of a retired Ghanaian United Nations official, was arrested in London following the emergence of the alleged unauthorised trades."

Source: Christmas in prison for Kweku Adoboli on £1.4bn UBS fraud charges - Telegraph

--

Question - how is it remotely possible that a single 31-year old trader is even able to lose so much money especially given that he probably had positions valued much more than he lost?