Kweku Adoboli made up counter-trades, bank alleges
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Kweku Adoboli, the trader charged with blowing a $2.3bn hole in the books of UBS, allegedly disguised huge lossmaking positions with fictitious counter-trades, the bank has stated, the same tactic used by Jérôme Kerviel who caused €4.9bn of losses at France’s Société Générale in 2008. As one senior UBS executive likened the trading scandal to “a terrorist attack” that was impossible to prevent, the group revised upwards its estimate of the loss caused by Mr Adoboli from an earlier estimate of $2bn and attempted to shore up the position of chief executive Oswald Grübel.
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