Former UBS dealer jailed for Britain’s greatest fraud faces deportation

LONDON (Reuters) – British authorities are making ready to deport a former UBS (UBSG.S) dealer jailed for the nation’s greatest fraud which price the Swiss financial institution $2.25 billion (£1.75 billion), his spokesman stated on Monday.

FILE PHOTO: Former UBS dealer Kweku Adoboli arrives at Southwark Crown Court to attend his trial for fraud and false accounting in London, November 15, 2012. The jury within the London trial of former UBS dealer Kweku Adoboli, who is blamed for a loss of $2.three billion, retired on Wednesday to think about its verdicts. REUTERS/Andrew Winning/File Photo

Ghanaian citizen Kweku Adoboli was launched from jail on probation in 2015 after serving half of a seven-year sentence, however he has now been detained pending his deportation.

His case made global headlines when he was arrested in 2011 and tried in 2012 over the large losses to UBS, attributable to trades far in extra of his authorised threat limits which he had pretended to hedge by reserving fictitious off-setting trades.

The 38-year-old was detained on Monday following a routine go to to a Scottish police station, his spokesman, Nick Hopewell-Smith, stated through electronic mail.

Hopewell-Smith added that he understood Adoboli had now been moved to an immigration elimination centre and that the inside ministry had indicated its intention to deport him to Ghana on or after Sept. 10.

“It is still hoped that the (interior minister) will have the common sense not to deport an individual that is so obviously an asset to our community,” Hopewell-Smith stated, referring to Adoboli’s work which incorporates campaigning for cultural change in monetary companies.

Adoboli, who has lived in Britain since he was 12 however doesn’t have citizenship, has been interesting in opposition to a 2014 order by British authorities that he ought to be despatched again to Ghana as a international legal.

An inside ministry spokesman stated in a press release it doesn’t routinely touch upon particular person circumstances. However, he added: “Foreign nationals who abuse our hospitality by committing crimes in the UK should be in no doubt of our determination to deport them.”

Adoboli says he’s remorseful and ought to be allowed to remain in Britain due to sturdy private ties within the nation and the general public curiosity in his advocacy work.

Regulators banned him from working within the monetary companies trade in 2015, whereas UBS was fined 29.7 million kilos ($38 million) for techniques and management failures.

Reporting by Emma Rumney and Alistair Smout; enhancing by David Stamp

Our Standards:The Thomson Reuters Trust Principles.

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