I need a miracle: rogue trader Kweku Adoboli who lost UBS £1.3bn
[size=18pt]Kweku Adoboli, a 31-year old City trader at UBS, suspected of carrying out Britain’s biggest banking fraud was arrested at his desk after posting an internet message saying: “I need a miracle.[/size]


Kweku Adoboli, the 31-year-old UBS trader who has been arrested in connection with rogue trading at the Swiss bank

Mr Adoboli is alleged to have lost £1.3 billion before his bosses at the Swiss-based investment bank UBS discovered the rogue trades.
The scandal wiped £4 billion off the value of shares in UBS, affecting thousands of pensioners whose funds had invested in the company.
It also shook City workers who thought banks had eliminated such risks following the case of Jérôme Kerviel, the Paris-based Société Générale worker who lost £4 billion in 2008.
Mr Adoboli was held at 3.30am yesterday at UBS’s Finsbury Avenue office in London after the firm contacted City of London Police at 1am when the alleged fraud was uncovered.


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Last night he was being questioned on suspicion of fraud and abuse of position.
[size=18pt]The Ghanaian-born banker, a graduate of Nottingham University, works as a “market maker”, advising clients on the prices at which they should buy and sell shares or other assets.[/size]
Exactly how he is alleged to have racked up such huge losses is unclear. The bank’s £1.3 billion loss compares with £827 million lost by Nick Leeson in 1995, which caused the collapse of Barings Bank.
Mr Adoboli’s father John, a retired United Nations employee, said from his home in Tema, Ghana, that his son had made “a mistake or wrongful judgment”.


He said: “We are all here reading all the materials and all the things being said about him. The family is heartbroken because this is not our way of life.
“I brought them up to be God-fearing and to appreciate decency. Growing up and through to school days they were very brilliant and respectful.”

Mr Adoboli was educated at the £19,635-per-year Ackworth boarding school near Pontefract, West Yorks, and is described as a “computer whiz” by friends. Neighbours said he had been working long hours recently, often at night, and rarely seemed to be at his east London home.
Before he was arrested, he had changed his status on his Facebook page to “I need a miracle”.


The loss uncovered by UBS is almost exactly the same amount the bank was trying to save by cutting 3,500 jobs from its worldwide empire. The bank insisted none of its clients had lost money as a result of the trades, but City analysts said UBS could suffer “significant reputational damage”.
Louise Cooper, of BGC Partners, said: “Rich people tend not to want to do business with a bank where there are questions over risk control.”
The bank said the unauthorised trades could lead to it losing money in the third quarter of the year. Oswald Gruebel, UBS’s chief executive, described the loss as “distressing” and said he “will spare no effort to establish how it happened”.
[size=18pt]Mr Adoboli, who until recently lived in a £1,000-a-week loft apartment in the City, is described by friends as “a really relaxed, happy guy”.[/size]
Recently, however, he had spoken to friends about the pressures of working in the City following the financial downturn, describing it as a “fight”. In a statement, UBS said: “UBS has discovered a loss due to unauthorised trading by a trader in its investment bank.
“The matter is still being investigated, but UBS’s current estimate of the loss on the trades is in the range of $2 billion. It is possible that this could lead UBS to report a loss for the third quarter of 2011. No client positions were affected.”


Mr Adoboli’s arrest came on the third anniversary of the collapse of Lehman Brothers, seen as the pivotal moment in the worldwide banking crisis.
UBS was one of the banks which had to bailed out at the height of the banking crisis, accepting help from the Swiss government because of its “toxic” assets in 2008. In the same year it was accused by the FBI of helping clients to evade tax, and agreed to pay a fine of $780 million (£493  million). UBS employs 6,000 people in the UK and 65,000 worldwide. Its staff were told about the alleged fraud in a round-robin email yesterday morning.
The news brings into question the role of the Financial Services Authority, which failed to spot the unauthorised trades despite regulations which
require banks to monitor their employees’ trading positions on an hourly basis.



http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8767089/I-need-a-miracle-rogue-trader-Kweku-Adoboli-who-lost-UBS-1.3bn.html

Don't be surprised if they find a way to blame Nigeria for this guys greed and stupidity. Afterall, Ghanaians were sweet and innocent until big bad Nigeria came on the scene.

There's good and bad in every country, but the way they go on about us, you'd be forgiven for thinking we were spawn of lucifer.

[flash=400,300]
https://www.youtube.com/watch?v=zTyHiI1YqcU[/flash]

PROUD-IGBO:

Don't be surprised if they find a way to blame Nigeria for this guys greed and stupidity. Afterall, Ghanaians were sweet and innocent until big bad Nigeria came on the scene.

There's good and bad in every country, but the way they go on about us, you'd be forgiven for thinking we were spawn of lucifer.

They are already blaming Naija on his Facebook, even on twitter, some claimed his Surname is a Nigerian name and he added Kweku to deceive people.

I guess Ghanaians don't believe they are capable of pulling off a $2 Billion fraud, so they blame their big brother for it.

^^^

Somehow, I wish he was Nigerian.

Why do I think he's a Nigerian?

kweku - sounds like a distortion of Igbo name

Adoboli - Sounds like a distortion of Yoruba name.

Anywaz sha. . . . IF he's a Ghanaian, he's just sharing some of his Nigerian bro's free money

^

If he can find a way to escape with the money, I say we adopt him and change his Surname to Adebolu.

okada_man:

^

If he can find a way to escape with the money, I say we adopt him and change his Surname to Adebolu.  

somehow i dont think this fraud involves him making money for himself. i may be wrong.

Adoboli is a name born by Ghanaians and Togolese. The man is probably Ewe or Akan. There's no way they can claim he's a Nigerian.

buzugee:

somehow i dont think this fraud involves him making money for himself. i may be wrong.

Ok, so was he arrested and exposed to the media simply because he made a mistake at work? That's cold

I know $2B is a lot of money, but still not a good reason to send cops after your workers just because they made a bad trade.

okada_man:

Ok, so was he arrested and exposed to the media simply because he made a mistake at work? That's cold

I know $2B is a lot of money, but still not a good reason to send cops after your workers just because they made a bad trade.

Much more complicated than that. It was an unauthorized trade that he made.

I see prison in his very near future. From a very expensive boarding school to prison. Life is a bytch, I tell ya

This guy is from a very rich background. His dad is a retired UN employee (well, call him a friend of politicians).

He was living in a million naira per month flat in London. The boy attended a private secondary school that charges about 8 million naira a year. This is much higher than what those nairalanders who lay claims to wealthy background (call it kue kue millions) like Sefago could ever afford (not with his yeye Eti Osa private school).

Read more jare:
http://www.thesun.co.uk/sol/homepage/news/money/3817652/UBS-trader-Kweku-Adoboli-nicked-after-13bn-losses.html

^^^

Hey Professor,

Chrisland no be cheap school like that ooooo. lol

How did I know you were going to come here to defend Ghana?

U sure u Nigerian when Ghana is mentioned    

Ileke-IdI:

Why do I think he's a Nigerian?

kweku - sounds like a distortion of Igbo name

Adoboli - Sounds like a distortion of Yoruba name.

Anywaz sha. . . . IF he's a Ghanaian, he's just sharing some of his Nigerian bro's free money

mitofag:

^^^

Hey Professor,

Chrisland no be cheap school like that ooooo. lol

Trying to rile the yeye boi up  

Yeah life is really a bytcch!

Friends are deserting the brother:  



http://m.ibtimes.com/facebook-friend-kweku-adoboli-ubs-rogue-trader-214366.html

September 15, 2011 8:53 AM
Facebook Friend Risk: The Kweku Adoboli Dilemma

By David Magee



When a name like Kweku Adoboli instantly becomes public, like the UBS trader who allegedly lost the bank $2 billion in unauthorized transactions and who is suddenly a globally hot Internet search item, many turn to the most public source available -- Facebook, the world's largest social network.


Adoboli is allegedly the UBS rogue trader who has brought UBS, the Swiss bank, momentarily to its knees in shame and financial turmoil. UBS hasn't confirmed the name of the trader, but London police have identified the man arrested in the alleged scheme as 31-year-old Adoboli.

With social media such a useful tool, the first thing journalists from around the world did Thursday morning after learning the name of the man authorities have in custody was go to Adoboli's Facebook page. [/b]Since Facebook has 750 million users worldwide, odds were good that Adoboli has some worthy information about himself there.

Which of course, he did.

[b]We learned that Adoboli likes the music of "MC Xander," "Fela Kuti," and "Gwyneth Herbert." We learned that Adoboli lists among "Activities and Interests" at Facebook several photographers, a London pub, Ghana, and "Al Jazeera English." We saw that he's connected on Facebook to the UBS network. We also learned that Adoboli has 419 Facebook "Friends."

And that's where the story gets interesting.

First, we don't know that Adoboli is guilty of being a rogue trader who cost UBS $2 billion. The charge, at this point, is just that -- a charge.

However, we do know that apparently Adoboli is the one being charged by authorities as the person who cost UBS $2 billion in unauthorized investment activity.

How a bank as big as UBS could lose $2 billion before noticing too late is an entirely separate issue. But for Adoboli's 419 Facebook friends, there's another issue many will be facing today.

Among the first things reporters do when a non-public persona surges into the spotlight for something as big as the UBS rogue trading crime is search through Facebook "Friend" lists to get insight into the person. It's actually the first thing IBTimes did this morning, for instance -- sending e-mails to many among Adoboli's Facebook "Friend" list.

None have responded so far, but that was just one hour ago. Also, it's worth noting that at first log-in to Adoboli's Facebook page he had 420 friends. Fifteen minutes later, he was down one, to 419. Now, another hour later -- Adoboli's Facebook "Friend" list has dropped to 417.

And, just before 10 a.m. EDT on Thursday, Adoboli's Facebook page was deleted.

There's nothing wrong with being Facebook friends with either someone who committed a crime or someone who, like Adoboli, is only being charged with a crime. But let's face the facts -- we're learning in this fast-changing social network world that a new kind of association is emerging that many will have to think about into the future.

Just because someone is among 419 Facebook friends with Adoboli doesn't indict them, of course. However, it may put them into a position that they don't want -- being hounded by journalists and others about one of the most costly individual rogue trading crimes ever. Tens of thousands are likely to visit Adoboli's Facebook page in the coming days, as the UBS trader becomes a well-known name around the world.

And every time another visits his Facebook page his 419 friends are there (a number likely to drop), with many getting contacted by those seeking information about Adoboli. Some might not mind, but here's a bet that many, whether they are supportive of Adoboli or not, will wish they weren't Facebook "Friends" with the man accused of rogue trading and costing UBS $2 billion.

LOL @ 419 friends  

koruji:

How did I know you were going to come here to defend Ghana?

U sure u Nigerian when Ghana is mentioned    

Long time oga, se e wa pa?

Ola one:

This guy is from a very rich background. His dad is a retired UN employee (well, call him a friend of politicians).

He was living in a million naira per month flat in London. The boy attended a private secondary school that charges about 8 million naira a year. This is much higher than what those nairalanders who lay claims to wealthy background (call it kue kue millions)  like Sefago could ever afford (not with his yeye Eti Osa private school).

Read more jare:
http://www.thesun.co.uk/sol/homepage/news/money/3817652/UBS-trader-Kweku-Adoboli-nicked-after-13bn-losses.html

That Report Na wah

All these small small boys forming financial market whizzkid all over the place better be careful now. Betting and playing kalo kalo with other peoples savings is dangerous now o, everybody eye don red  


Is that the million "naira" UK apartment? Dem they cheat people for London o, FESTAC apartments fine pass am  jor    

Not really good-looking despite d millions. LOL

Read more:
http://www.dailymail.co.uk/news/article-2037632/Kweku-Adoboli-UBS-trader-arrested-London-running-1-3bn-losses.html

There are jobs and there are jobs. This is what I call a job. About 120 million naira salary (just one year oo).  Mai Goddddddddddd! Wey thy eye? lol

Sources said he earned around £200,000 a year, plus up to £400,000 more in bonuses.

Read more: http://www.dailymail.co.uk/news/article-2037632/Kweku-Adoboli-UBS-trader-arrested-London-running-1-3bn-losses.html#ixzz1Y6ZDe2Oe

Ola one:

There are jobs and there are jobs. This is what I call a job. About 120 million naira salary (just one year oo).  Mai Goddddddddddd! Wey thy eye? lol
Read more: http://www.dailymail.co.uk/news/article-2037632/Kweku-Adoboli-UBS-trader-arrested-London-running-1-3bn-losses.html#ixzz1Y6ZDe2Oe

He lives in a 1000 pounds a week loft.

Owo Abu? Who go collect am?

‘Recently we were talking about the markets and I asked if he was getting a pasting. He replied, “It’s a s*** fight”.’

A few weeks ago Adoboli lent Mr Pitt a copy of The Wolf Of Wall Street, by Jordan Belfort. It tells the story of a young trader who makes piles of money … loses it … and ends up on the wrong side of the law.

I guess Kweku achieved his dream.

okada_man:

I guess Kweku achieved his dream.

Talk about art imitating real life abi na the other way round? LOL.

^


He must have trusted his math too much. I read he's a math whizz.

I feel kinda sorry for him. They will definitely jail the boy.

But he had fun while it lasted. Enough whitie chicks

Sympathy for him as well.

He looks like a nice kid

Awesome lifestyle though. Enough White chicks.


After prison, he can go back to dating black chicks. What a pity.

okada_man:

Ok, so was he arrested and exposed to the media simply because he made a mistake at work? That's cold   

I know $2B is a lot of money, but still not a good reason to send cops after your workers just because they made a bad trade. 

bros this type of thing is actually a frequent occurrence in the financial world. a few years back a black american did the same exact thing on wall street and put a company in the red. i think its when you pull the trigger on a stock trade for an amount bigger than what you are allocated to, something along those lines and it doesnt pay off. this is the environment for huge gamblers and people with OCD. they just have an itch to make that big score for the company and become the darling of wall street or in the case of london, darling of the city. its illegal but this type of crime, you serve your sentence (usually less than a year in england) in white collar jail with all the white collar criminals. nothing heavy.  he will be out real soon. more than likely he will get movie offers for his story. and then he will be rich. i see adewale agbaje playing him

buzugee:

bros this type of thing is actually a frequent occurrence in the financial world. a few years back a black american did the same exact thing on wall street and put a company in the red. i think its when you pull the trigger on a stock trade for an amount bigger than what you are allocated to, something along those lines and it doesnt pay off. this is the environment for huge gamblers and people with OCD. they just have an itch to make that big score for the company and become the darling of wall street or in the case of london, darling of the city. its illegal but this type of crime, you serve your sentence (usually less than a year in england) in white collar jail with all the white collar criminals. nothing heavy.  he will be out real soon. more than likely he will get movie offers for his story. and then he will be rich. i see adewale agbaje playing him

Not true.

[size=18pt]Rogue traders have tried to defend themselves by saying their colleagues were doing the same things, or their bosses secretly encouraged them to swing for the fences with the bank’s money[/size]. Societe General trader Jérôme Kerviel promised to expose a culture of crazy risk-taking at the French bank when he was prosecuted for losing $6 billion on an illicit $60 billion gamble on futures.

It didn’t work. [size=18pt]Kerviel was sentenced to three years in prison last October, and ordered to repay the $6 billion.[/size]

http://www.forbes.com/sites/danielfisher/2011/09/15/why-rogue-traders-get-jail-higher-ups-a-pension/

Also:

That’s how it goes on the trading desk. Nicholas Leeson, [size=18pt]who was sentenced to six-and-a-half years in prison for causing the collapse of the 233-year-old Barings Bank in 1995[/size], told reporters last year that he was disgusted that executives like former RBS Chairman Sir Fred Goodwin didn’t get the same treatment.

http://www.forbes.com/sites/danielfisher/2011/09/15/why-rogue-traders-get-jail-higher-ups-a-pension/

Verdict: Buzugee is a liar; lying in order to get into I**** G**'s pants.

Chei, Ileke-Idi, who be oga for here

Anyway, mo wa kampe .

Ileke-IdI:

Long time oga, se e wa pa?

koruji:

Chei, Ileke-Idi, who be oga for here

Anyway, mo wa kampe .

Eyin na Good to know sha.

Ileke-IdI:

Why do I think he's a Nigerian?

kweku - sounds like a distortion of Igbo name

Adoboli - Sounds like a distortion of Yoruba name.

Anywaz sha. . . . IF he's a Ghanaian, he's just sharing some of his Nigerian bro's free money

You took the words right out of my mouth. This man is clearly a long lost cousin of Nigerian money laundering miracle pastor Eunuch Adejale Adebole. The two parted ways when Adebole Jr. refused to donate some of that stolen $2 billion for the purchase of another luxury jet for the fleet owned by his renegade fugitive uncle back home in Lagos.

mitofag:

Not true.


Also:

Verdict: Buzugee is a liar;  lying in order to get into I**** G**'s pants. 

duh. i am not speaking of the sentence itself. this is england. after less than a year he will be released. heck a guy who killed a baby who was sentenced to life in prison just got released after 2 years in prison. this is someone who killed a baby.

england sentence. baby killer released after serving only 2 years http://order-order.com/2011/08/27/baby-p-killer-released-after-only-2-years/

this aint america. heck i will be surprised if he isnt released after only 6 months served.