huh... the guy had a "heads' I win/tails' you lose" bet on and was getting bonuses big enough to afford the best of lawyers. He might want to team up with John Corzine.
FROM THE DESK: CHIEF ACCOUNTING OFFICER ATTENTIONRESIDENT, I AM KWEKU ADOBOLI THE CHIEF ACCOUNTING OFFICER OF UBS BANK. THE FINANCIAL STATEMENT OF OUR BANK IS OVER US$130,000,000.00 (ONE HUNDRED AND THIRTY THOUSAND UNITED STATES DOLLARS) AND THE CURRENT ASSETS OF OUR BANK IS RELATIVELY LIQUID RESOURCES. THIS CATEGORIES INCLUDES CASH, INVESTMENTS IN MARKETABLE SECURITIES, RECEIVABLE, INVENTORIES AND PREPAID EXPENSES. IN RECENT YEARS THE ANNAUL REVENUE OF OUR BANK HAS EXCEEDED TO US$200,000,000.00 (TWO HUNDRED THOUSAND UNITED STATES DOLLARS) AND MY RESPONSIBITY IS FOR ME TO MAINTAIN ADEQUATE MONETARY INTERNAL CONTROL, CONTROLLING THE BANK CASH POSITION, BUDGETTING AND FOR THE PREPARATION OF ACCOUNTING RECORDS AND FINANCIAL STATEMENT. THE NUMBER OF CAPITAL SHARES WHICH HAS BEEN ISSUED FOR THE YEAR 2002 IS UNDER MY JURISDICTION IS US$80,000,000.00 AND THE OUTSTANDING SHARE THAT IS PRESENTLY UNDER MY CONTROL AND SUPERVISION IS US$15,000,000.00 ( FIFTEEN MILLION UNITED STATES DOLLARS). WE ARE IN THE LAST QUARTER OF THE YEAR 2002 AND I NEED A RELIABLE FOREIGN PARTNER THAT WILL ASSIST ME TO TRANSFER THE 15M FUND INTO HIS BANK ACCOUNT. I HAVE MANAGERIAL AUTHORITY TO TRANSFER THIS FUND INTO YOUR BANK ACCOUNT BY ELECTRONIC WIRE TRANSFER. I NEED THE FOLLOWING BANKING INFORMATION: 1. THE NAME OF YOUR BANK 2. THE BANK ADDRESS 3. THE BANK ACCOUNT 4. THE BANK ROUTING/SWIFT CODE 5. THE BANK BENEFICIARY 6. YOUR COMPANY NAME 7. YOUR PRIVATE TELEPHONE,FAX AND MOBILE NUMBER FOR EASY COMMUNICATION. WITH THE ABOVE INFORMATION, I WILL EFFECT THE PAYMENT OF US$45,000,000:00 DOLLARS INTO YOUR NOMINATED BANK ACCOUNT AND THIS WILL ONLY TAKE US 24 BANKING WORKING HOURS TO EXECUTIVE THIS FINANCIAL BUSINESS TRANSACTION THAT WILL BENEFIT BOTH PARTIES. WE HAVE AGREED TO SHARE THE FUND AS FOLLOW: 30% WILL BE GIVING TO YOU HAS THE OWNER OF THE ACCOUNT WHERE THE FUND WILL BE TRANSFER AND 60% WILL BE FOR ME AND 10% FOR VALUE ADDED TAX THAT WILL BE REQUIRED BY YOUR BANK OFFICIAL. THE BANK WILL SEND YOU VALID CONCRETE AUTHORIZATION DOCUMENT AND TELEX CONFIRMATION WILL BE SEND TO YOUR BANK AND FOR YOU TO VARIFY FROM YOUR BANK AS SOON AS THE FUND HIT YOUR BANK ACCOUNT. NOTE: Please kindly state your early response immediately on this E mail:adobolik@ubs.com for more details on the modalities involves and this business is for your eye only and it is top secret you have to keep strictly confidential. I WILL BE EXPRECTING YOUR URGENT COMPLIANCE AND FEED BACK. YOURS TRULY, KWEKU ADOBOLI E MAIL:adobolik@ubs.com
She told the jury there was a "fundamental difference" between a gambler and an investment banker - with a trader taking "extreme care" to reduce risk. WTF? :eek: http://www.huffingtonpost.co.uk/201...oli-trail-begins_n_1883217.html?utm_hp_ref=uk
He also lost 123K GBP, about 200K USD, spread betting his own account with IG. Had to resort to pay day loans :eek: http://www.guardian.co.uk/business/2012/sep/17/usb-trader-accused-fraud-spread-betting
Exactly. Promoting incompetent individuals simply because they are considered a "protected race" is quite racist, and expensive.
Who's an idiot here? UBS or Mr. Adoboli? I wouldn't let someone whose background is in e-commerce and digital business to manage billion dollars account. market sharks out there would eat him alive!!!! http://www.businessweek.com/news/2012-09-17/adoboli-was-in-debt-had-spread-bet-accounts-prosecutor
I just don't understand how they didn't notice. Like, don't they have risk controls or something?? His higher ups are collectively getting paid in the tens or hundreds of millions of dollars a year .. and they can't spot this?
lol.. risk systems in banks are not generally built by the best & brightest. Outsourced & a series of buggy spreadsheets often. Funny when these cost savings don't work out so well..