UBS Alleged Rogue Trader Said To Have Been In Debt, Over 100 Arrested at NYSE

Kweku Adoboli, the former trader on trial for allegedly costing UBS $2.3bn from unauthorized trades, was in debt and had several spread-betting accounts in violation of the bank’s rules, a prosecutor said.

Bloomberg reports that the bank’s compliance department notified Adoboli, 32, that he should have flagged his personal trading through the spread-betting firms IG Index Plc and City Index Ltd. to UBS beforehand, prosecutor Esther Schutzer-Weissmann said at his trial in London Monday.

Adoboli’s personal bank accounts were mostly overdrawn and he had borrowed money from various short-term lenders, she said.

Hit the link below to access the complete Bloomberg article:

Adoboli Was in Debt, Had Spread-Bet Accounts: Prosecutor

Reuters reports that the jury heard that turnover on Adoboli's current account, into which UBS paid his monthly salary of £6,200, was £233,000 in his final 12 months at UBS. The account was overdrawn by about £3,600 at the time of his arrest.

No explanations were given, so it was not clear what, if any, was the connection between Adoboli's spread-betting, his dealings with pay-day loan companies and the general state of his personal finances.

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Court told of UBS "rogue trader" spread-betting losses

In the meantime, The New York Times reports that more than 100 arrests were reported on Monday, the first anniversary of the Occupy Wall Street movement, as protesters converged near the New York Stock Exchange and tried to block access to the exchange.

Protesters had planned to converge from several directions and form a 'human wall' around the stock exchange to protest what they said was an unfair economic system that benefited the rich and corporations at the expense of ordinary citizens.

Police officers and protesters squared off at various points, with protesters briefly blocking intersections and sidewalks before being dispersed and sometimes arrested.

Hit the link below to access the complete New York Times article:

Arrests Near Stock Exchange Top 100 on Occupy Wall St. Anniversary

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