TRENDING NEWS ON AFRICANS IN DIASPORA:
Kweku Adoboli, UK Based Ghanaian Engages in Unathourised e-Trade, Steals Swiss Bank £2bn ($1.3bn)…Found Guilty of Fraud, To be Deported
*Earlier Sentenced to 7 Years Jail Term on Two Count Charge of Fraud
*Britain’s Financial Conduct Authority banned him from working in the City for life
*Nottingham Varsity Graduate lived in Britain since 1991, Never Sought British Citizenship
*Paid a Whooping Annual Salary of £200,000 yet Falsely Loot the Bank
* “I Admitted to my Manager to Booking a False Trade that wiped off $4.5 billion (£2.7 billion) from its share price due to my Conscience”-Kweky confess
BY CLAYWOOD ROBERT/FINANCIAL REPORTER, EUROPE
HE’S a Ghanaian from Africa-the son of a United Nations (UN) diplomat. He had the rare honor of enjoying great luxury of life together with everything money can buy and diplomatic privilege could offer. But this 36 year old Kweku Adoboli blew away this goodwill when he falsely created UBS Rogue Trade to siphon and defraud a Swiss bank UBS’s Global Synthetic Equities Trading team in London, where he had engaged in unauthorised trading that cost the bank US$2 billion (GB£1.3 billion).
Kweku, a former director on the ETFdesk of this bank with a total annual salary of almost £200,000 fell victim of greed and became a victim of kleptomania when he used his UBS Rogue Trade code to conduct secret trading into the bank and operate hoax shares which he used to defraud the Swiss bank in London.
His unauthorised trading lost the Swiss bank £1.4bn ($2.2bn) and in 2012 he was sentenced to seven years jail on two counts of fraud. Adoboli was released in 2015, but foreign nationals sentenced to more than four years are automatically considered for deportation.
This former smooth-talking fraudster sent an email to his manager when a comprehensive investigation was carried out on Kweku’s Fake Trade Scandal. His conscience had seized him, as he confessed to immediately write his manager, which he did. That promoted the British police to effect his arrest.
Kweku, the notorious UBS trader got convicted of fraud, lost his appeal against being deported from the UK. Even though he is a Ghanaian but has lived in the United Kingdom ( UK ) since the age of 12.
The decision by the Upper Tribunal of the Immigration and Asylum Chamber pointed out that “while he was socially and culturally integrated into the United Kingdom, his family was in Ghana” and that Adoboli “had not established that there would be very significant obstacles in his reintegration into life in Ghana”.
The son of a UN diplomat, who was educated at a Yorkshire boarding school, Adoboli has vowed to continue fighting the deportation. A crowd funding page has been set up to help him raise £75,000 for legal costs. More than £10,000 has been pledged in just two days.
During his trial, Adoboli said that UBS staff had been encouraged to take risks until they got “a slap on the back of the wrist” by senior managers.
The Financial Conduct Authority banned Adoboli from working in the City for life.
UBS was fined £29.7m for systems and control failures related to the unauthorised trading losses.
*Additional Reports by BBC
