A City trader recklessly gambled with illicit trades to boost his bonus, and ran up potential losses of more than £7bn at one point, a sum big enough to sink his employer, the global bank UBS, a court has heard.
Kweku Adoboli, a trusted and experienced member of UBS’s exchange traded fund (ETF) desk in London, risked ever-greater sums in an attempt to conceal his losses over two and a half years before he was caught in September 2011, Southwark crown court was told.
Sasha Wass QC, prosecuting, said the 32-year-old took his bank’s money and “fraudulently gambled it away” in an attempt to boost his status and become one of the elite circle of City traders who earn vast annual sums.
She said: “Mr Adoboli’s motive was to increase his bonus, his status, his job prospects and his ego. 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.”