Kweku Adoboli, the rogue trader who lost UBS £1.5 billion ($US2.3 billion) in 2011, is out of prison.
According to the Financial Times, Adoboli only served around half his seven-year sentence, after he was
Adoboli was convicted of fraud in November 2012 and spent around nine months incarcerated while he waited for his trial. His release last week means that has served just two and a half years in prison.
The FT reported that during his time behind bars, Adoboli was held in four different prisons. He was held at Wandsworth in London ahead of his trial. After he was convicted, he spent time at the Verne prison on the Isle of Portland, off the south coast of England by Weymouth, in Dorset, and a low-security prison Ford. He then was moved to
Maidstone, an immigration detention centre in Kent.
It is unclear what Adoboli intends to do next, now he has allegedly been released from prison.
The FT said in its report that the Financial Conduct Authority (FCA) “has started to take steps to ban him from holding a regulated position in financial services.”
The financial regulator is likely to move forward with this decision considering it has already banned a former senior UBS trader for failing to adequately supervise his junior colleague Kweku Adoboli.
In May last year, the FCA banned John Christopher Hughes “from performing any function in relation to any regulated activity in the financial services industry for failings related to the $US2.3 billion unauthorised trading losses by another trader Kweku Adoboli.”
Between January and September 2011, Hughes was the most senior person on UBS’s Exchange Traded Funds desk at the London branch of UBS.