(Newser)
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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.
