Bloomberg reports that Charles Sherrard, a lawyer for Kweku Adoboli, the former trader on trial for causing the loss, said he was told last week that accounting firm KPMG made the discoveries during an investigation into control failures at UBS that was ordered by British and Swiss financial regulators.
Bell said he was aware of the incidents in question but did not wish to disclose details due to confidentiality obligations.
'I would draw a distinction here', Bell said, adding the other incidents may not have involved fraud. 'There are many reasons why we would call something unauthorized trading that may be vastly different to what we’re seeing here'.
The cases didn’t involve substantial losses and in two of the three instances, the employees were fired, he said.
Here Is The City understands that all three cases were reported to the FSA in good time, and that no further action was taken by the regulator.