The UBS trader who allegedly lost the bank $2.3bn by exceeding his trading limits and faking deals has been labelled a "master fraudster" by prosecutors at court today.
Kweku Adoboli, who is on trial at Southwark Crown Court, is pleading not guilty to two counts of fraud and two counts of false accounting while working for the Swiss bank UBS between October 2008 and last September. Sasha Wass QC, prosecutor said: "Like most gamblers, he believed he had the magic touch. Like most gamblers, when he lost, he caused chaos and disaster to himself and all of those around him," according to The Times. The $2.3bn (£1.4bn) loss is Britain's largest alleged banking fraud and wiped around 10% or about $4.5bn off the bank's share price according to Wass. "He ...
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