Trader whose fraud cost UBS $2.3 billion freed from prison
LONDON (AP) — A former UBS trader convicted of a fraud that lost the Swiss bank 1.4 billion pounds ($2.3 billion) has been freed from prison after serving about half his seven-year sentence.
Ghana-born Kweku Adoboli was convicted of two counts of fraud in November 2012.
Prosecutors said the London-based trader, now 35, racked up huge losses, then faked records to cover his tracks. They called it Britain’s biggest-ever bank fraud.
Adoboli claimed he had been trying to help the bank survive the financial crisis.
After his conviction, UBS was fined almost 30 million pounds by British regulators who said the bank’s controls had been “seriously defective.”
Officials confirmed Wednesday that Adoboli was released last week.
British prisoners are commonly paroled after serving half their sentence. Adoboli’s total included pre-trial detention.