UBS trader knew of secret account

Disgraced UBS trader Kweku Adoboli told a close colleague about a secret account he used to hide unauthorised deals, nine months before he was arrested, Southwark Crown Court heard yesterday.

Giving evidence, John Hughes said he felt “stupid” for not reporting Adoboli at the time, a decision that cost Hughes his job. Adoboli is pleading not guilty to defrauding the Swiss bank of $2.3bn (£1.4bn).