LONDON – A former UBS trader jailed for fraud has warned that former colleagues are at risk of the same behaviour because of the pressures to make money.
Kweku Adoboli apologized for mistakes that led to losses of 1.4 billion pounds for the bank. But during an interview with the BBC broadcast Monday, he says it could happen again.
The 36-year-old trader convicted in 2012 says that ex-colleagues are “struggling with the same issues, the same conflicts, the same pressures to achieve no matter what.”
Prosecutors say Adoboli, who was released last year, racked up huge losses and then faked records to cover his tracks. It was described as Britain’s biggest-ever bank fraud.
British regulators fined UBS almost 30 million pounds because controls had been “seriously defective.”