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Arrest of UBS Trader Stuns His Family
September 19, 2011
The father of Kweku Adoboli, the UBS trader accused of losing $2.3 billion in unauthorized trading, can't believe his son could have committed such extravagant fraud. Talking to the Wall Street Journal, John Adoboli said his son lived a frugal life. He'd asked his son to return to their native Ghana to offer his services to the growing country, but the younger Adoboli wasn't ready to leave UBS.
Adoboli was arrested last Thursday after UBS initially contacted police to accuse him of fraud. Adoboli was an 8-year veteran of the bank. His alleged actions are sure to renew scrutiny into the risk controls of the Swiss bank.
[WSJournal, 9/17/11]
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