Kweku Adoboli is a 35 year old Ghanaian who has been outside the country since he was four years old, grew up mainly in the Middle East, and has stayed in Britain for 23 years without ever becoming a citizen. He was also convicted in 2012 of financial fraud, after causing the biggest unauthorised trade loss in UK history, whilst working for Swiss bank UBS. It was a trial that earned him the name ‘rogue trader’. His actions led to the loss of $2.3bn whilst working on the exchange traded funds desk in UBS’s investment bank. The company was fined £30m for lax regulations that allowed the trade to happen, and Adoboli received a seven year sentence. He served just over half of that, released earlier this year. Since then, an Immigration tribunal has ruled he has to be deported under regulations that ‘seeks to deport any foreign national who has been sentenced to longer than four years except in “exceptional circumstances”’ . Adoboli argues that he’s spent most of his life in the UK and has firm roots there. A lot of his friends testified for him, but the Judge said he has to enforce the law although he sympathises with his situation.
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“The length of residence of the appellant in the United Kingdom and all the related factors to which I have analysed at length are the aspects in respect of which I have given the most anxious consideration,” the judge said. “I consider, however, that the serious nature of the offence and the requirement to give the most careful consideration to the public interest overrides the factors to which I have referred.”
Adoboli has said he would appeal the ruling.
I am a metro reporter on Gistmania, I have been publishing news materials for over 5 years
Posted: at 12-10-2015 12:01 PM (8 years ago) | Hero
He never became a citizen? Wow. Most West Africans plan to become citizens as soon as they apply for a holiday visa to Europe! All he needs is a smart lawyer and he will NOT be deported. He appears an intelligent young man - pity he used his talent to become notorious!
Posted: at 12-10-2015 06:35 PM (8 years ago) | Gistmaniac
How can someone lose 2.3billion $ in one trade? Does he deserve to be a stock trader at all? It's obvious he lacks risk management skills... Which is vital for every trader
Posted: at 13-10-2015 01:18 AM (8 years ago) | Hero
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