UBS Slapped With $47.5M Rogue Trader Fine
Defective controls led to $2.3B loss, UK regulators say
By Rob Quinn,  Newser Staff
Posted Nov 26, 2012 12:56 AM CST
Former trader Kweku Adoboli leaves Southwark Crown Court in London .   (AP Photo/Sang Tan)

(Newser) – UBS has been fined $47.5 million for being sloppy enough to let a rogue trader lose $2.3 billion, the New York Times reports. British regulators fined the Swiss banking giant after concluding that the bank's "seriously defective" systems and controls allowed London-based trader Kweku Adoboli's losses to mount into the billions. Adoboli received a seven-year sentence last week after being found guilty on two counts of fraud.

 

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