Kweku Adoboli, 31 year old ETF trader held over $2bn rogue trade

ASusilovic · Sep 15, 2011

Kweku Adoboli, a 31-year old trader in UBSâs London-based exchange traded funds business, was arrested on Thursday morning in connection with a $2bn loss due to unauthorised trading at the Swiss groupâs investment bank.

The Swiss group declined to comment, other than saying the loss had been caused by âa traderâ and the matter was under investigation. It warned that the discovery could prompt it to report an overall loss for the group when third-quarter figures are revealed in October.

http://www.ft.com/intl/cms/s/0/258a38d2-df6a-11e0-845a-00144feabdc0.html#axzz1Y1DJjPgk

Pekelo · Sep 15, 2011

I think he traded and looks like a Nigerian prince....

benwm · Sep 15, 2011

ETFs?
Whoda thought.

chasinfla · Sep 15, 2011

Quote from Pekelo:

I think he traded and looks like a Nigerian prince....

yeah, and he needs your help. if you just give him your social security number and bank account information, he'll wire 1.7 million dollars (US) to your account and then split it with you when he's out.

Grandluxe · Sep 15, 2011

Interesting, He is a Ghanian...dont see too many of them around on trading desks.

benwm · Sep 15, 2011

Quote from Grandluxe:

Interesting, He is a Ghanian...dont see too many of them around on trading desks.

maybe he had the inside scoop on the Ghanian cocoa crop

peilthetraveler · Sep 15, 2011

Pulled this off his facebook page. I think he was probably about 1 billion in the hole when that pic was taken as he looks pretty depressed there.

justrading · Sep 15, 2011

One rogue trader for 2 billion? No internal controls?

One would have thought after Leeson the banks would have decided to be more prudent.

Crispy · Sep 15, 2011

Quote from benwm:

maybe he had the inside scoop on the Ghanian cocoa crop

I worked at a bulge bracket firm in another life and one of the guys on my floor was royalty from the Ivory Coast. That guy truly had the inside scoop in cocoa.

Bob111 · Sep 15, 2011

Quote from peilthetraveler:

Pulled this off his facebook page. I think he was probably about 1 billion in the hole when that pic was taken as he looks pretty depressed there.

i think he is taking a nap at UBS after placing a buy order for like 100B..Kweku..what a name...