Ex-UBS rogue trader Adoboli requests appeal against conviction

Reuters News
Posted: Mar 01, 2013 8:39 AM
Ex-UBS rogue trader Adoboli requests appeal against conviction

LONDON (Reuters) - Kweku Adoboli, a former trader at UBS's London office who is serving a seven-year jail sentence for a multi-billion-dollar fraud, has applied for an appeal, a court official said on Friday.

Adoboli, 32, was convicted in November last year of two counts of fraud over unauthorized trades that cost the Swiss bank $2.3 billion.

During his trial, he admitted trading far in excess of authorized risk limits and booking fictitious trades to hide his true risk exposure, but had argued that everything he did was to make profits for UBS and was in line with the bank's culture.

An official at the criminal division of the Court of Appeal in London said Adoboli had filed an application against conviction and sentence on December 21.

The official said that a single judge would consider whether to grant Adoboli permission to appeal, and if permission was granted the appeal would be heard by the full court. No timetable has yet been set.

Adoboli's solicitor, Tim Harris, did not immediately respond to a request for comment. Richard Morton, a spokesman for UBS in London, declined to comment.

(Reporting By Estelle Shirbon, editing by Rosalind Russell)