UBS fraud: rogue trader followed in Kerviel's footsteps


Fresh details about the losses suffered by UBS at the hands of a rogue trader – alleged to be exchange-traded funds (ETF) specialist Kweku Adoboli – make the episode look almost identical to the €4.9 billion rogue-trading loss suffered by Société Générale (SG) at the hands of Jérôme Kerviel in 2008.

In a statement on September 18, UBS said: "The loss resulted from unauthorised speculative trading in various S&P 500, Dax and Eurostoxx index futures over the past three months. The positions had

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