UBS AG didnt turn a blind eye as former trader Kweku Adoboli exceeded risk limits and booked fake hedges to hide the exposure, the prosecution said.
It is a fantastical suggestion that the bank and its management knew and approved of Adoboli exceeding risk limits, prosecutor Sasha Wass told the London jury in closing arguments today. Adoboli is on trial accused of causing a $2.3 billion unauthorized trading loss.
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