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Ex-UBS Trader Breaks Down In Witness Box

posted: 7 months ago

Gavel

Kweku Adoboli, the former UBS trader accused of causing the largest unauthorized trading loss in British history, broke down crying moments after taking the stand for the first time at his London trial on Friday.

Bloomberg reports that he testified after prosecutors added two more counts of false accounting to his indictment. He pleaded not guilty.

Adoboli told jurors about his childhood in Ghana and living in various places around the world, including Israel and Syria, as the son of a United Nations official. He wept when his lawyer Paul Garlick pointed out that his father had attended every day of his trial.

'At an early age I learned to take responsibility' with his father often away on work assignments, Adoboli said. 'I was often told - make sure you look after your mother and your sister'.

Reuters reports that Adoboli also said Friday that he did not believe his behavior had been fraudulent and it was unfair to suggest that his previous jobs in the UBS back office had given him the knowledge and skills to commit fraud.

Adoboli, 32, who worked for the Swiss bank as a trader in London, was arrested on September 15, 2011 and blamed for losses of $2.3bn. He denies four counts of false accounting and two of fraud.

Ex-UBS Trader Takes Stand for First Time at Fraud Trial

My actions were not fraudulent, says UBS "rogue trader"

 

image: © bloomsberries

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