Rogue trader Kweku Adoboli is released early from prison

 
James Nickerson
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Trader Kweku Adoboli was sentenced to seven years in prison after being convicted of fraud
A ROGUE trader who lost $2.3bn (£1.4bn) in unauthorised trading at UBS has been released from prison after serving out nearly half of the seven-year sentence he was given.

Kweku Adoboli was arrested in 2011 and was found guilty on two counts of fraud in 2012.

During his hearing, Southwark Crown Court was told Adoboli was close to losing $12bn.

The Ghanaian-born British citizen will no longer be allowed to work in finance as the Financial Conduct Authority (FCA) is moving to ensure he cannot take a financial services position up again.

Having graduated from the University of Nottingham in 2003, he joined UBS as a graduate trainee, before becoming a trader in the global synthetic equities division, buying and selling exchange traded funds (ETFs) back in 2006.

Adoboli’s defence told the court that senior managers had knowledge of his actions and encouraged him to take risks.