Adoboli charged with fraud, false accounting

The Ghanaian born employee of Swiss banker UBS, Kweku Adoboli UBS who was arrested Thursday dawn for unauthorised trading at the bank’s London offices has been charged with fraud and false accounting, the British media has reported.

The 31-year-old banker who earns £200,000 with a £400,000 bonus is in police custody waiting to appear before a London court Friday afternoon, September 16, 2011.

Adoboli’s actions known as ‘rogue trading’ is said to have caused a loss of $2 billion to UBS. The reports however, say, the bank was unaware of the loss until he blew the whistle on himself by telling his bosses.

The $2 billion-loss is the second biggest loss in the history of rogue trading. The rogue trader, Jerome Kerviel caused Societe Generale €4.9 billion loss in 2008. Jerome is currently in prison.

His father, Mr. John Adoboli a former employee of the UN, speaking to the British media said his son made “a mistake and wrongful judgement.”

By Emmanuel K. Dogbevi