In Retrospect, Kweku Adoboli Probably Should've Taken Down The Whole Bank And Evaded Arrest For A While

In terms of speaking gigs, do you want to hear from the guy who cost UBS a couple billion or the fugitive who brought it to its knees?
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In terms of speaking gigs, do you want to hear from the guy who cost UBS a couple billion or the fugitive who brought it to its knees?

When Adoboli emerges from prison, he may be 42 years old. He will certainly have limited assets and absolutely no chance of getting another job in investment banking. So what next? Once again, we would like hold up the example of Nick Leeson. As we pointed out when Jérôme Kerviel was sentenced, Nick Leeson is now doing very well for himself indeed on the after dinner speaking circuit. Back in 1999, the BBC reported that Leeson had earned £60k for a single speech. According to his agent, Leeson now charges £7.5k plus VAT for a speaking engagement in the UK and between £10k-£20k for speaking engagements overseas, plus expenses. During the week we spoke to his agent, Leeson had been to Moscow, Dubai, and Australia – suggesting he’d made around £40k. We asked Nick’s agent if we could interview him for an article, but even this comes with a cost: Nick Leeson doesn’t even do interviews for anything less than £250. The money he makes from these endeavours appears to be his to keep: Leeson said he was no longer paying his creditors back in 2005. Admittedly, Leeson’s story is a little more dramatic than Adoboli’s. Not only was Leeson a rogue trader, but he brought down an entire bank, went on the run, split up with his wife and survived cancer. UBS remains in existence and Adoboli has simply been incarcerated in Wandsworth prison and forced to give up his £1k a week flat.

How Kweku Adoboli Can Yet Turn Things Around [eF]

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Kweku Adoboli Is A Free Man!

Kind of! Though he doesn't go to trial until September, the UBS's rogue trader was granted bail after ten months in jail and a February denial to go home. Naturally, he's pretty pleased about the turn of events (which allow for sleepovers). Mr. Adoboli, 32, has to stick to a curfew but can stay at a friend’s house wearing an electronic tag as part of the bail agreement. Tim Harris, Mr. Adoboli’s lawyer at Bark & Company, said his client was “delighted” and would like to thank family and friends for their support in achieving his release. Mr. Adoboli is expected to be released from London’s Wandsworth prison as early as Monday, Mr. Harris said. Mr. Adoboli had pleaded not guilty to counts of false accounting and fraud. He was arrested in September after UBS alerted the police. The bank claimed that Mr. Adoboli had masked the billion dollar losses from internal controls with fictitious trades. Mr. Adoboli has remained in custody ever since his arrest. The trading scandal rocked the Swiss bank and led to the resignation of its chief executive, Oswald J. Grübel. Denying Mr. Adoboli bail in February, the judge said that the allegations against the former trader were “serious” and “backed up with cogent evidence.” Former UBS Trader Is Granted Bail [Dealbook]