Monday, November 26, 2012

UBS fraud

"British regulators have fined UBS nearly $50 million, and Switzerland may force the bank to raise more capital, after it failed to prevent a rogue trader running up $2.3 billion in losses last year.

Kweku Adoboli, a trader on the bank's exchange traded funds desk in London, was found guilty last week of two counts of fraud and sentenced to seven years in prison for his role in Britain's biggest trading scandal."

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