Former UBS AG trader Kweku Adoboli was sentenced to seven years in jail for fraud in relation to a $2.3 billion loss, the largest from unauthorized trading in British history.
Adoboli was convicted today following a two-month-long London trial. He had pleaded not guilty and argued UBS managers pushed traders to take too many risks and that rule-breaking at the bank was rampant. The 32-year-old was cleared of four counts of false accounting.
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