Former UBS trader Kweku Adoboli confessed in an email that he had cooked the books to conceal unhedged positions that eventually caused the Swiss bank to lose $2.3 billion, a British court heard today.
Mr Adoboli (32) is on trial accused of fraud and false accounting. He has pleaded not guilty.
Opening the prosecution case, counsel Sasha Wass read out to the jury an email sent by Mr Adoboli to a colleague on September 14th, 2011, the day when UBS management became aware of his unauthorised trading.
"It is with great stress that I write this mail. First of all the ETF (Exchange Traded Funds) that you see on the ledger are not trades that I have done with a counterparty as I previously described. I used the bookings as a way to suppress the PnL losses that I have accrued through off book trades that I made," Ms Wass quoted Mr Adoboli as saying in the email.
Reuters