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    Back to To the Point

    To the Point

    UBS Trader Charged with $2 Billion Fraud

    Swiss investment bank UBS says a 31-year old trader lost $2 billion — all on his own with bad deals. Born in Ghana, and the son of a former UN official, Kweku Adoboli appeared in a London court today on fraud and false accounting charges. UBS claims he wrote an e-mail admitting he lost the money on bad trades.

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    By Warren Olney • May 12, 2014 • 1 min read

    Swiss investment bank UBS says a 31-year old trader lost $2 billion — all on his own with bad deals. Born in Ghana, and the son of a former UN official, Kweku Adoboli appeared in a London court today on fraud and false accounting charges. UBS claims he wrote an e-mail admitting he lost the money on bad trades. Allegedly, it took months, but nobody at the bank noticed anything wrong. UBS stocks are down more than 10 percent today and ratings agencies are warning about a possible downgrade. David Weidner is Wall Street columnist for MarketWatch.com and the Wall Street Journal.

    • https://images.ctfassets.net/2658fe8gbo8o/AvYox6VuEgcxpd20Xo9d3/769bca4fbf97bf022190f4813812c1e2/new-default.jpg?h=250

      Warren Olney

      former KCRW broadcaster

    • https://images.ctfassets.net/2658fe8gbo8o/AvYox6VuEgcxpd20Xo9d3/769bca4fbf97bf022190f4813812c1e2/new-default.jpg?h=250

      Frances Anderton

      architecture critic and author

    • Sonya Geis with wavy brown hair wearing a black dress with red accents and decorative earrings against a white background.

      Sonya Geis

      Senior Managing Editor

    • https://images.ctfassets.net/2658fe8gbo8o/AvYox6VuEgcxpd20Xo9d3/769bca4fbf97bf022190f4813812c1e2/new-default.jpg?h=250

      Caitlin Shamberg

      KCRW

    • KCRW placeholder

      David Weidner

      MarketWatch and the Wall Street Journal

      NewsNationalPolitics
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