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  Loss of $2.3 billion by Kweku Adoboli, the ex-UBS trader makes Swiss Bank dejected

Stock dealing can also be considered as a type of gambling and the fact has been confirmed through loss of $2 billion by an ex-UBS broker named Kweku Adoboli in this trade. Serving as a senior broker at global synthetic equities branch at UBS, he is responsible for sale and purchase of swapped traded finances. He is in trouble with his ex-manager to whom he owes funds amounting in ten-digits due to his irresponsible and illicit business dealings.

Adoboli has been blamed for a scam that surfaced due to his lax business dealings from October 2008 to September 2011 that caused the cost of bank to slump. Due to these business dealings, the absurd loss occurred which eventually resulted in near stumble on the verge of breaking up of Swiss bank. Adoboli is a careless broker of the modern age.

Sasha Wass, the hearer in London at the time of assessment of Adoboli stated that getting into trouble in trading business by him can be ascribed to a person who is addicted to gambling. The huge loss occurred simply because of the false dealings of Adoboli similar to inconsiderate bets made in gambling.  He is accused of misguiding the authorities through changes in the bank’s books of accounts and misappropriation of funds too to quench his thirst of betting. Wass added that due to his unlawful activities just for the sake of gambling, Adoboli has been deprived of a good job apart from imprisonment.


   2012-09-19






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