Kweku Adoboli, 31 year old ETF trader held over $2bn rogue trade

Kweku Adoboli, a 31-year old trader in UBS’s London-based exchange traded funds business, was arrested on Thursday morning in connection with a $2bn loss due to unauthorised trading at the Swiss group’s investment bank.

The Swiss group declined to comment, other than saying the loss had been caused by “a trader” and the matter was under investigation. It warned that the discovery could prompt it to report an overall loss for the group when third-quarter figures are revealed in October.

http://www.ft.com/intl/cms/s/0/258a38d2-df6a-11e0-845a-00144feabdc0.html#axzz1Y1DJjPgk

 

I think he traded and looks like a Nigerian prince....

 

ETFs?
Whoda thought.

 

yeah, and he needs your help. if you just give him your social security number and bank account information, he'll wire 1.7 million dollars (US) to your account and then split it with you when he's out.

 

Interesting, He is a Ghanian...dont see too many of them around on trading desks.

 

maybe he had the inside scoop on the Ghanian cocoa crop

 

Pulled this off his facebook page. I think he was probably about 1 billion in the hole when that pic was taken as he looks pretty depressed there.

 

One rogue trader for 2 billion? No internal controls?

One would have thought after Leeson the banks would have decided to be more prudent.

 

I worked at a bulge bracket firm in another life and one of the guys on my floor was royalty from the Ivory Coast. That guy truly had the inside scoop in cocoa.

 

i think he is taking a nap at UBS after placing a buy order for like 100B..Kweku..what a name...