Adoboli colleague banned from industry

Fellow UBS senior trader knew about rogue trader's hidden profits

Tracey McDermott of the FCA
Tracy McDermott, FCA director of enforcement

More than a year after the conviction of UBS rogue trader Kweku Adoboli, the UK Financial Conduct Authority (FCA) has banned his fellow trader, John Hughes, from the financial industry for his involvement with Adoboli's fraud. Hughes has been banned "from performing any function in relation to any regulated activity in the financial services industry" in the UK.

Adoboli was convicted in November 2012 on two charges of fraud by abuse of position and sentenced to seven years' imprisonment, after h

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