UBS trader Adoboli tells court that he lost control

City A.M. Reporter
FORMER UBS trader Kweku Adoboli told a London court yesterday he “lost control” in the summer of 2011 but insisted he never acted dishonestly in the frantic weeks that resulted in losses of $2.3bn (£1.43bn).

Ending an emotional three-day defence against charges of fraud and false accounting, a tearful Adoboli said he was “devastated” and “sorry beyond words” about the losses. But he attacked the culture of investment banks, arguing that compliance rules were “aspirational” and that traders had to bend rules to achieve the goals set by senior management.

The 32-year-old British-educated Ghanaian denies two counts of fraud and four of false accounting. The trial continues today, when Adoboli will be cross-examined by the prosecuting counsel.