Kweku Adoboli, the city’s trader who lost $ 2.2 billion in money from Swiss bank UBS, has been found guilty of two counts of fraud.
Kweku Adoboli, 32, of Whitechapel, East London, denied four counts of false accounting and two of fraud between October 2008 and September 2011.
Prosecutors told Southwark Crown Court that it was “on the verge of destroying Switzerland’s largest bank”.
Kveku Adoboli, who was acquitted of four counts of false accounting, was jailed for seven years.
Kweku Adoboli, who was arrested on September 15, 2011, worked in UBS’s global synthetic stock division, buying and selling exchange-traded funds (ETFs) that track stocks, bonds and commodities.
He joined the bank as a young trader in 2006.
The court was informed that KwekuAdoboli had lost $ 2.2 billion of the bank’s money in “unprotected, unprotected, reckless and reckless” transactions.
But Gveku Adoboli, a Ghanaian-born son of a diplomat, told the jury that his top managers were aware of his actions and encouraged him to take risks.
He claims to have lost control of his deals during market turbulence last year.
The court heard that at one point he lost the bank to $ 12 billion.
Kveku Adoboli was convicted of fraud earlier Tuesday.
The judge, Justice Keith, sentenced him to a majority, saying he could hand down a 9-1 sentence on the second charge of fraud and the four false accounting charges.
The jurors were reduced to five men and five women after two jurors were released.
Kveku Adoboli was found guilty by a majority on the second charge of fraud, but acquitted of four unpaid false accounting charges.
The prosecution said Kveku Adoboli was a gambler who believed he had the “magic touch”.
But testifying, Kweku Adoboli said everything he did was for the benefit of the bank, where he sees his colleagues as a “family”.
Kveku Adoboli said he had “lost control in the whirlwind of the financial crisis” and was doing well until he changed from a conservative “bearish” position to an aggressive “bullish” position under pressure from senior managers.
He told the jury that employees were encouraged to take risks until they received a “slap on the back of the wrist”.
Following the verdicts, Chief Inspector Perry Stokes of the London City Police, which is investigating Queku Adoboli, said: “It was the biggest scam in the UK committed by one of the most sophisticated fraudsters London City police have ever encountered.
“To everyone around him, Kveku Adoboli looked like a man in the market whose career prospects and future profits took off. He worked hard, looked at the role, and seemed to have the answer to everything.
“But behind this façade lay a trader who was completely out of control and exposed UBS to huge financial risks on a daily basis.
“The rules introduced to protect the bank’s position and the integrity of the markets were circumvented and violated by a young man who wanted everything and did not want to wait.
“When Adoboli’s pyramid of fictitious deals exceeded trading limits and non-existent hedging collapsed, the effects were felt in the world’s financial centers.
“Now, just a year later, he is facing the reality that he was not above the law and will be forced to pay for his crimes. Others who follow in his footsteps may expect the same fate. “