Kweku Adoboli, the former UBS trader who caused a $2.3 billion loss through unauthorized trading, is trying again to get permission to overturn his conviction and seven-year sentence. Lawyers for Adoboli are scheduled to ask an appeals court in London today to grant him the chance to argue that the conviction should be thrown out. His initial claim was already rejected by a judge in July 2013, without a hearing taking place. Adoboli was convicted in November 2012 of two counts of fraud for causing the loss at the bank’s London unit. He argued at trial that managers at Zurich-based UBS pushed him to take too many risks and that rule-breaking at the bank was rampant. While he admitted causing the loss, he said it wasn’t done dishonestly. [Bloomberg]
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]