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1 Nov, 2012

Accused UBS trader ‘played God’ over $2.1b loss

A banker accused of Britain’s biggest fraud played God as he carried out “unprotected, unhedged, incautious and reckless” trades, a court has heard.

Kweku Adoboli, 32, allegedly gambled away £1.4 billion ($2.19 billion) in “off-book” operations while working for Swiss bank UBS during the global financial crisis.

The Ghanaian-born former public schoolboy has told jurors at Southwark Crown Court that his senior managers were aware of what he was doing and encouraged him to assume riskier positions.

Coupled with the “burn-out” he was suffering during market turbulence last year, this led to a loss of control over his trades, he claims.

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