UBS rogue trade suspect bet $10 billion: report

18th September 2011, Comments 0 comments

The trader accused over a $2 billion loss at Swiss banking giant UBS had been working on unauthorised deals worth five times that amount, Britain's Sunday Times newspaper reported.

Kweku Adoboli, 31, was arrested in London last week as UBS announced the loss, and appeared before a court on Friday charged with fraud and false accounting.

Citing UBS insiders, the Sunday Times said Adoboli had placed financial bets worth $10 billion before his losses were detected by the bank.

UBS had wound down the portfolio by midday on Friday, it said, but the scale of the bets is likely to raise questions about the bank's internal controls.

© 2011 AFP

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