A Lot Of People Saddle Their Employer With Billions In Losses Over A Few Thousand In Personal Credit Card Debt
UBS, the Swiss bank, was aware of problems with Kweku Adoboli's trading five weeks before he was arrested, a court was told on Tuesday. The bank's back office questioned €3.6bn (£2.9bn) of incorrectly booked trades as early as August 4, Southwark Crown Court heard in the trial of the former trader accused of losing his bank $2.3bn in rogue trades. The trades, normally booked on the same day, remained unregistered weeks after Mr Adoboli made them. Yesterday, the court heard how he himself had lost £123,000 spread-betting through a personal account with IG index. His trading with IG Index prompted two official warnings from his bank bosses after he failed to disclose the account and then failed to disclose individual trades. The court heard on Monday how Mr Adoboli owed thousands of pounds on current accounts and credit cards despite earning £360,000 and was overdrawn and relying on pay-day loan companies when he was arrested. Despite seeing £233,000 pass through his NatWest Bank account in the 12 months prior to his arrest Mr Adoboli’s account was overdrawn by £3,594 when he was arrested on September 15 last year, the court was told. Across his four banks accounts and two credit cards the 32-year-old trader owed £4,181. His primary current account showed payments to eight pay-day loan companies including Wageday Advance, Wonga.com, Payday UK and Pounds to Pocket. [Telegraph]