Trader weeps at £1.4bn fraud trial (From Hampshire Chronicle)
When news happens, text CHRON and your photos or videos to 80360. Or contact us by email & phone.
Trader weeps at £1.4bn fraud trial
2:41pm Friday 26th October 2012 in National News © Press Association 2013
Kweku Adoboli, who is accused of Britain's biggest fraud, has given evidence at Southwark Crown Court
An alleged rogue trader accused of Britain's biggest fraud was trying to cover millions of pounds' worth of losses incurred during the global financial crisis for the bank he called his "family", a court has heard.
Kweku Adoboli, 32, of Whitechapel, east London, is accused of gambling away £1.4 billion while working as a trader for Swiss bank UBS. At one point he was at risk of causing the bank losses of 12 billion US dollars (£7.5 billion), jurors at Southwark Crown Court were told.
Adoboli broke down in tears as he gave evidence for the first time in his trial, in which he claimed his off-book trades were to cover 40 million US dollars (£24.9 million) in annual losses of his portfolio of companies from 2008.
The court heard that by 2007 Adoboli, aged just 27, and a more senior trader, John Hughes, 25, were in charge of a portfolio of companies with assets of 50 billion US dollars (£31.1 billion).
"Our book was massive. A tiny mistake led to huge losses. We were these two kids trying to make it work," he said.
Adoboli, wearing a dark suit and red tie, denied he was a "gambler" and said his knowledge of UBS's systems did not result in "fraudulent behaviour".
Fighting back tears, he said: "It's hard to find the words to describe the relationship I had with UBS as an organisation.
"It isn't about a bank. It was about what I thought was my family, considering how much I neglected my real friends and family. Every single bit of effort I put into that organisation was for the benefit of the bank, the people around me and the book I worked on."
He added: "To find yourself in Wandsworth Prison for nine months because all you did was work so hard for this bank...", before stopping as he broke down in tears.
Adoboli is facing two counts of fraud and four counts of false accounting between October 2008 and last September, allegedly gambling away the money on high-risk illegal trades aimed at boosting his annual bonuses and job prospects. He denies the charges.
