UBS rogue trader Kweku Adoboli has just been banned from working in the financial services industry by the Financial Conduct Authority
A mere three years after being convicted of fraud, the former UBS rogue trader Kweku Adoboli has been banned from working in the financial services industry.
Adoboli, who lost $2.3bn (£1.5bn) through unauthorised trading while at the London offices of the Swiss firm, was released from prison in June after serving nearly half of his seven-year custodial sentence. He is now fighting against being deported to his home country of Ghana.
But if he does stay in the UK, he won't be able to perform "any function in relation to any regulated financial activity," the FCA said today.
"Mr Adoboli’s conviction and resulting sentencing to seven years’ imprisonment, following an investigation by the City of London Police and prosecution by the Crown Prosecution Service, demonstrate a clear and serious lack of honesty and integrity," the financial watchdog said.
"In reaching its decision, the FCA has considered all the relevant circumstances and the severity of the risk posed by Mr Adoboli to consumers and financial institutions, and to confidence in the market generally."
Sara George, partner at Stephenson Harwood LLP who represented Adoboli pro bono, said: “As the sentencing judge acknowledged, Kweku Adoboli was not motivated by personal financial gain. He has served a substantial sentence as a result of his actions and now wishes to repay his debt to society by making a positive contribution to our understanding of how risk management controls in financial markets might be circumvented, from his own personal experiences.
"He is a young man with much to offer.”
Adoboli added: "This prohibition order marks the closing of a difficult chapter for me. I fully recognise the reasons for my prohibition and thank the FCA for their restraint.
"My hope now is to move forward in a positive way to help others learn from the mistakes I've made.”