Adoboli confesses to lying about trades


Kweku Adoboli, the accused UBS rogue trader, lied about the nature of his unauthorised trades to buy himself more time, he told a London court today. Adoboli faces six charges of fraud and false accounting relating to trades that lost the bank $2.3 billion in 2011. He denies the charges.

Trade support asked questions about the exchange-traded fund (ETF) desk where Adoboli worked from last July onwards. These questions concerned the nature of trades, the size of the transactions, and who he was

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