Former UBS trader’s spread betting losses

Michael Bow
Follow Michael
KWEKU Adoboli, the former UBS trader accused in a case involving losses of $2.25bn (£1.39bn) for the firm, lost £123,000 in the year running up to his arrest as a result of personal trading on a spread betting account, a jury has been told.

Adoboli, who is accused of fraud by abuse of position and false accounting, charges he denies, had also made payments from his current account to advance payday loan companies, including Moneybox, Wageday Advance, and Payday UK, the jury heard. In the second day of the case at Southwark Crown Court, details of Adoboli’s spread betting and personal finances were read out to the jury as part of the “agreed facts” of the case.

UBS issued a violation notice to Adoboli over his failure to disclose his IG Index spread betting account as required. Adoboli has pleaded not guilty. The case continues.