UBS Fined £29.7 Million by the FSA for Failure to Prevent Unauthorised Trading

more+
less-
more+
less-

On November 26, the FSA published a final notice to UBS AG, fining it £29.7 million for having breached Principles 2 and 3 of the FSA’s Principles for Business. The breaches occurred in the Global Synthetic Equities business, conducted from UBS’ London branch during the summer of 2011, and became apparent when UBS discovered that Kweku Adoboli, one of its traders, had lost a total of $2.3 billion through his trading. On November 20, Mr. Adoboli was convicted of two counts of fraud and received a seven year prison sentence.

Topics:  Flexible Spending Accounts, UBS

Published In: Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick - Structured Finance Group | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »