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Nairaland Forum / Nairaland / General / Business / Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud (13253 Views)
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Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by mitofag: 11:51pm On Sep 15, 2011 |
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. Five infamous rogue traders 15 Sep 2011 UBS trader helps justify ring-fencing of 'casino' banks 15 Sep 2011 UBS rogue trader: email to staff in full 15 Sep 2011 UBS hit by $2bn rogue trade: market reaction 15 Sep 2011 UBS: profile of a bank in crisis 15 Sep 2011 Debt crisis: live 15 Sep 2011 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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by PROUDIGBO(m): 12:15am On Sep 16, 2011 |
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. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by lagcity(m): 12:22am On Sep 16, 2011 |
[flash=400,300] https://www.youtube.com/watch?v=zTyHiI1YqcU[/flash] |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by okadaman2: 12:31am On Sep 16, 2011 |
PROUD-IGBO: 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. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by mitofag: 12:34am On Sep 16, 2011 |
^^^ Somehow, I wish he was Nigerian. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by Nobody: 12:39am On Sep 16, 2011 |
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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by okadaman2: 12:41am On Sep 16, 2011 |
^ If he can find a way to escape with the money, I say we adopt him and change his Surname to Adebolu. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by buzugee(m): 12:47am On Sep 16, 2011 |
okada_man:somehow i dont think this fraud involves him making money for himself. i may be wrong. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by PhysicsQED(m): 12:52am On Sep 16, 2011 |
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. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by okadaman2: 1:27am On Sep 16, 2011 |
buzugee: 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. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by mitofag: 1:32am On Sep 16, 2011 |
okada_man: 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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by Olaone1: 1:36am On Sep 16, 2011 |
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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by mitofag: 1:38am On Sep 16, 2011 |
^^^ Hey Professor, Chrisland no be cheap school like that ooooo. lol |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by koruji(m): 1:39am On Sep 16, 2011 |
How did I know you were going to come here to defend Ghana? U sure u Nigerian when Ghana is mentioned Ileke-IdI: |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by Olaone1: 1:39am On Sep 16, 2011 |
mitofag:Trying to rile the yeye boi up |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by okadaman2: 1:42am On Sep 16, 2011 |
Yeah life is really a bytcch! Friends are deserting the brother: http://m.ibtimes.com/facebook-friend-kweku-adoboli-ubs-rogue-trader-214366.html
LOL @ 419 friends |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by Nobody: 1:58am On Sep 16, 2011 |
koruji: Long time oga, se e wa pa? |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by okadaman2: 2:00am On Sep 16, 2011 |
Ola one: 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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by Olaone1: 2:07am On Sep 16, 2011 |
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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by Olaone1: 2:12am On Sep 16, 2011 |
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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by mitofag: 2:22am On Sep 16, 2011 |
Ola one: He lives in a 1000 pounds a week loft. Owo Abu? Who go collect am? |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by okadaman2: 2:23am On Sep 16, 2011 |
‘Recently we were talking about the markets and I asked if he was getting a pasting. He replied, “It’s a s*** fight”.’ I guess Kweku achieved his dream. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by mitofag: 2:25am On Sep 16, 2011 |
okada_man: Talk about art imitating real life abi na the other way round? LOL. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by okadaman2: 2:34am On Sep 16, 2011 |
^ 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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by mitofag: 2:37am On Sep 16, 2011 |
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. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by buzugee(m): 2:51am On Sep 16, 2011 |
okada_man: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 |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by mitofag: 3:02am On Sep 16, 2011 |
buzugee: 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. 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. Verdict: Buzugee is a liar; lying in order to get into I**** G**'s pants. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by koruji(m): 3:12am On Sep 16, 2011 |
Chei, Ileke-Idi, who be oga for here Anyway, mo wa kampe . Ileke-IdI: |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by Nobody: 3:39am On Sep 16, 2011 |
koruji: Eyin na Good to know sha. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by Jakumo(m): 6:40am On Sep 16, 2011 |
Ileke-IdI: 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. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by buzugee(m): 11:15am On Sep 16, 2011 |
mitofag: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. |
Re: Ghanaian, 31, Pulls Off Britain's Biggest Banking Fraud by buzugee(m): 11:17am On Sep 16, 2011 |
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. |
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