UBS faces £50M fine for rogue trader

By Wire services | November 23, 2012 | Last updated on November 23, 2012
1 min read

UBS could face up to a £50M ($80 million) fine for management failures that led to a $2.2 billion rogue trading loss.

UBS trader Kweku Adoboli was convicted of fraud on Tuesday, and jailed for seven years.

Read: UBS trader found guilty of fraud

The FSA and UBS are finalising the details of a settlement, with a joint announcement expected as early as next week, reports Switzerland’s financial regulator, Finma, doesn’t have the power to levy fines and will instead force UBS to accept strict new supervisory measures. Read more.

Read: Arrest made in $2 billion UBS loss

Wire services