UBS fined in rogue trader case
Excerpt:LONDON Britain's financial regulator has fined UBS AG for failures which enabled a rogue trader to lose $ 2. 3 billion in the country 's biggest-ever fraud case at a bank. The Financial Services Authority said Monday that it was fining the Swiss-based bank 29. 7 million pounds ($ 47. 6 million) after discovering severe weaknesses in treatments, management systems and internal controls in the London branch of UBS. Previous UBS trader Kweku Adoboli, 32, was last week sentenced to seven years in jail after being pronounced guilty of 2 counts of fraud. "UBS failed to question the increasing revenue of the desk and failed to ensure that there was a corresponding increase in the controls in place over the desk," said Tracey McDermott, the FSA's director of enforcement and monetary criminal activity.
People:
Kweku Adoboli
Overall Sentiment: -0.120524
Relevance: 0.121677
Tracey McDermott
Overall Sentiment: -0.130166
Relevance: 0.121518
| Sentiment | Quote |
|---|---|
| -0.211193 | "UBS failed to question the increasing revenue of the desk and failed to ensure that there was a corresponding increase in the controls in place over the desk," said Tracey McDermott, ... |
| -0.108547 | "UBS failed to question the increasing revenue of the desk and failed to ensure that there was a corresponding increase in the controls in place over the desk," said Tracey McDermott, the FSA's director of enforcement and financial crime. "As a result Adoboli, a relatively junior trader, was allowed to take vast and risky market positions, and UBS failed to manage the risks around that properly." |
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Additional Info:
Company: UBS AG
Overall Sentiment: -0.166292
Relevance: 0.941951
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Trader Kweku Adoboli lost $2.3 billion in the country's biggest-ever fraud case at a bank
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UBS fined in rogue trader case
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