Ex-UBS Trader Said Unfairly Blamed For Firm's Problems

Pointing The Finger

Kweku Adoboli, the former UBS trader on trial over a $2.3bn loss, is being wrongly blamed for the bank’s layoffs and poor reputation, his lawyer said Friday in closing arguments.

'He has had to bear the brunt of the problems at UBS', his lawyer Charles Sherrard told jurors in a London criminal court. The prosecution made false claims about Adoboli because it 'can’t get around the evidence'.

Bloomberg reports that Sherrard said that Adoboli also faces 'outrageous allegations' and false claims that he invented a fake defense and manipulated evidence.

The news organisation also reports that Adoboli was encouraged by superiors to exceed risk limits as he made record profits from unauthorized trades, his lawyer said.

Adoboli, 32, shared the process he used for such trades with his teammates and bosses on the exchange-traded funds desk, showing he didn’t think it was dishonest, his lawyer Charles Sherrard also told a London jury Friday.

'You can’t make $6m profit in one day by not being massively in excess of risk limits', Sherrard said. 'In the end, did he lose control and miscalculate ? Yes, he did. He got it wrong and he apologized'.

Finally, Reuters reports that Adoboli was accused on Friday of trying to rely on public hostility towards banks as a defence in his rogue-trading trial.

Prosecutor Sasha Wass urged the jury to put aside whatever feelings they may have about the failings of the banking industry and focus instead on the alleged wrongdoing of Adoboli.

'Mr Adoboli is relying in his defence on the dislike that many people have of banks or bankers', Wass told the jury in the final minutes of a lengthy closing speech for the prosecution.

'We love to despise the greed, the recklessness, the arrogance of bankers. Mr Adoboli has sought to cash in on this public mood', she said.

Adoboli Encouraged by UBS Superiors to Exceed Limit, Lawyer Says

Adoboli Blamed for UBS Layoffs, Bad Reputation, Lawyer Says

UBS trader relying on public dislike of banks, jury told

image: © Lisamarie Babik

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