Lawyer says trader at UBS did not act alone

City A.M. Reporter
THE lawyer for accused UBS rogue trader Kweku Adoboli said in court yesterday that Adoboli did not act alone but in close cooperation with fellow traders who later “stabbed him in the back”.

Adoboli, 32, denies charges of fraud and false accounting that cost the Swiss bank $2.3bn.

His lawyer, Charles Sherrard, told Southwark Crown Court that Adoboli’s three colleagues on the bank’s Exchange Traded Funds desk had taken part in some of the fraudulent behaviour of which he is accused. Prosecutors have portrayed Adoboli as an “out of control” rogue trader. His defence team have argued that UBS turned a blind eye to rule-breaking as long as it made the bank money.

“Your team changed from being the four musketeers to three musketeers, who decided just before he (Adoboli) confessed, collectively and individually, to stab him in the back, leaving him to bleed on the prison floor,” Sherrard said.