The jury members in the Kweku Adoboli rogue trader trial at Southwark Crown court today have been sent away by the presiding judge Brian Keith to consider their verdict.
Adoboli seen here has been blamed for a loss of $2.3 billion at the UBS Swiss bank in September 2011. He denies two counts of fraud by abuse of position and four of false accounting. The prosecution say Adoboli traded far in excess of his risk limits, concealed his positions with fictitious bookings and lied to the back office. They say he was driven by a gambling addiction and a desire to be a star trader.
However Adoboli in his defence said he didn’t act dishonestly because everything he did was aimed at making profits for the bank, he went on to say others knew of his methods and in some cases used similar ones, and because managers encouraged rule-bending in pursuit of profits.
This prompted Judge Keith to say, ‘they were not there to find someone responsible at all costs for the loss that UBS had suffered and shouldn’t just convict Adoboli just because they felt it would be wrong for no one to be held criminally responsible for the loss’. The case continues.
Written and presented by Ann Salter.