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Diasporia News of Saturday, 17 October 2015

Source: Sky News

Rogue trader Adoboli banned from industry

Kweku Adoboli Kweku Adoboli

The rogue trader found guilty of the largest fraud in the UK has been banned from the financial services industry.

Kweku Adoboli was jailed for seven years in 2012 after a series of unauthorised trades lost his employer, UBS, £1.4bn.

Adoboli, whose trial heard he had amassed paper losses of over £7bn at one stage from the Swiss bank’s London offices, was released from Maidstone prison in June after serving almost half his sentence.

The Financial Conduct Authority (FCA) formally stripped him on Friday of gaining any chance of future employment in the regulated financial sector.

It said his actions “demonstrate a clear and serious lack of honesty and integrity.”

The regulator added: “In reaching its decision, the FCA has considered all the relevant circumstances and the severity of the risk posed by Mr Adoboli to consumers and financial institutions, and to confidence in the market generally.”

Mr Adoboli is currently fighting deportation to Ghana, where he holds citizenship, following a ruling by an immigration tribunal.