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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Showing 2 of 3 comments
HANKHILL
Nov 26, 2012 7:55 AM CST
i bet he knows where every cent of the "lost money" is!
pg13
Nov 26, 2012 6:57 AM CST
$47 Million is chump change. UBS paid Ernst and Young $63 Million for the audit that DIDN'T catch the shoddy controls which enabled the rogue trader. And still we pretend the banks are being audited. There has been no Wall Street reform and another meltdown is inevitable.