FCA bans senior trader from financial services industry
Following convictions on 20 November 2012 of two counts of fraud by abuse of position, the Financial Conduct Authority has banned Kweku Mawuli Adoboli from performing any function in relation to any regulated financial activity.
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The FCA said that Mr Adoboli abused his position as a senior trader of UBS AG causing UBS AG losses amounting to $2.25bn.
Mr Adoboli’s conviction and resulting sentencing to seven years’ imprisonment, following an investigation by the City of London Police and prosecution by the Crown Prosecution Service, demonstrated a "clear and serious lack of honesty and integrity", according to the regulator.
In reaching its decision, the FCA has considered all the relevant circumstances and the severity of the risk posed by Mr Adoboli to consumers and financial institutions, and to confidence in the market generally.
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