Register | Forgot Your Password? | Close

(AP) - BIGGEST-EVER BANK FRAUD: Britain's financial regulator fined UBS AG $47.6 million for failures which allowed a rogue trader to lose $2.3 billion. Kweku Adoboli was sentenced last week to seven years in prison after being convicted of two counts of fraud.

WEAKNESSES: The Financial Services Authority fined the Swiss-based bank after finding serious weaknesses in procedures, management systems and internal controls in the London branch of UBS, including failing to investigate substantial increases in profit reported by the Exchange Traded Funds Desk where Adoboli worked.

COOPERATION: The fine could have been 30 percent higher had UBS not cooperated. The bank disciplined employees involved in the case, including reclaiming bonuses and other deferred compensation.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
share this story:
Attention Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus