A London-based trader who caused two billion francs in losses to UBS has suffered another setback in a British court. The implications for him are serious.
Kweku Adoboli, the trader, who built up losses of more than two billion francs through failed speculation in London in 2012 in a case that ultimately led to the departure of CEO Oswald J Gruebel, has suffered a new legal setback.
The national broadcaster «BBC» has reported that Adoboli lost his appeal against his deportation from Britain before an immigration and asylum tribunal in London.
Adoboli, the son of Ghanian diplomat, has lived in Britain since the age of 12. However, the judges felt it was reasonable for him to be sent back to his country of origin, after the ex-banker had been sentenced to seven years in prison on two counts of fraud.
Crowdfunding Mobilized
In the United Kingdom, foreign nationals sentenced to more than four years are automatically considered for deportation. The former banker has already been banned for life from working in the City.
In response to the setback, a crowdfunding page has been set up to help Adoboli raise 75,000 pounds to cover legal costs. More than 10,000 pounds have been pledged so far, the report says.
