Deported former UBS rogue trader Kweku Adoboli got a rousing welcome from his family when he arrived home on Ghanaian soil after spending 26 of his 38-year life in the UK.
He was showered with white powder all over and served an array of Ghanaian food by his family here in Ghana.
Adoboli was deported on a flight from Heathrow airport on Wednesday afternoon after a lengthy legal battle with the British government to stay in the country despite his fraud conviction.
Adoboli was born in Ghana but left when he turned four and has lived in the UK since he was 12.
The former trader at the Swiss bank UBS was sentenced to seven years in prison in fraud charges.
His unauthorised trading cost the bank £1.3bn, with an even greater hit to its share values, but he insists he never personally benefited financially from his crime.
Mr Adoboli was released in 2014 after serving half his sentence and has been fighting deportation ever since.
Background
Adoboli joined UBS's London office as a graduate trainee in September 2006. After working for two years as a trading analyst in the bank's back office, he was promoted to a Delta One trading desk.
In 2008, he became a director on the ETF desk, and by 2010, he was promoted to director, with a total annual salary of almost £200,000.
Beginning in 2008, Adoboli started using the bank's money for unauthorised trades. He entered false information into UBS's computers to hide the risky trades he was making.
He exceeded the bank's per-employee daily trading limit of US$100 million and failed to hedge his trades against risk.
He also used his personal funds on two spread betting accounts, IG Index and City Index, where he lost around £100,000. In mid-2011, UBS launched an internal investigation into Adoboli's trades.
On September 14, 2011, Adoboli wrote an e-mail to his manager admitting to booking false trades. His trades cost the bank $2 billion (£1.3 billion) and wiped off $4.5 billion (£2.7 billion) from its share price. The trading losses he incurred while trading for his bank were the largest unauthorised trading losses in British history.
Charges and conviction
On September 15, 2011, Adoboli was arrested by City of London Police. He was charged with two counts of fraud by abuse of position and four counts of false accounting.
He was in prison on remand until 8 June 2012, when he was granted bail subject to being electronically tagged and placed under curfew at a friend’s house. On the morning of 20 November 2012, a jury at Southwark Crown Court unanimously found Adoboli guilty on one count of fraud. Later the same day, after receiving an instruction allowing for a majority decision with a single vote against, the jury found him guilty of a second count of fraud. The jury also found him not guilty on the four false accounting charges.[7][8] He was sentenced to seven years in prison.
The City of London Police said: "This was the UK's biggest fraud, committed by one of the most sophisticated fraudsters the City of London Police has ever come across."
Adoboli was incarcerated at Verne Prison in Dorset, Ford Prison in West Sussex and Maidstone Prison in Kent. He was released in June 2015.
He arrived back in Ghana on Thursday, 15 November.
Source: classfmonline.com
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The above article states that "On September 14, 2011, Adoboli wrote an e-mail to his manager admitting to booking false trades. His trades cost the bank $2 billion (£1.3 billion) and wiped off $4.5 billion (£2.7 billion) from its share price. The trading losses he incurred while trading for his bank were the largest unauthorised trading losses in British history." Are we serious? Are we even aware of the direct and collateral damages this fine young man has caused to his former employer and other stakeholders? Just pause and think about this: how would Ghanaians have reacted, if a foreigner had committed such an offence in GHANA resulting in damages of a similar magnitude??
THERE IS ALWAYS A SECOND CHANCE,NEVER FORGET WHERE YOU FELL. GOD BE WITH YOU.
Why is ghanaians so fond of phones. what did this guy get by taking those pics when adoboli is eating and sending it over. is just stu...pidi..ty and foo..lish..ness. Ghanaians should grow up. the picture could be seen as a kind of poking fun of this young man. I am appalled.
ndc will soon get this guy to join them bcos he fits in their group very well.
His bosses were the fraudulent and made sure the black man went down for the simple business mistake that could’ve happened to almost everybody. He’d probably join NDC sooner or later to get some appointment in 2036 when they come back power .
AFTER ONE YEAR ...THEN U WILL SEE REAL GHANA LIFE
welcome home bro. we are behind you unconditionally. Allah will not leave you in this trying times n so are we.
i hope he has repented
Welcome home brother, family be everything chalie. Settle down and link me up make we fraud wanna leaders including NAM1 after that we move to Iran. Nobody go fi do we nothing. LOL
BB I agree with you perfectly, we should reject our family no matter what they do to us, GOD knows why he place us in our various families. you are welcome home.