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Former UBS trader Kweku Adoboli to appeal against fraud conviction Former UBS trader Kweku Adoboli to appeal against fraud conviction
(7 months later)
Kweku Adoboli, the former trader at UBS's London office who is serving a seven-year jail sentence for a multibillion-pound fraud, has applied for an appeal, a court official said on Friday.Kweku Adoboli, the former trader at UBS's London office who is serving a seven-year jail sentence for a multibillion-pound 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 unauthorised trades that cost the Swiss bank £1.5bn, described at the time as the biggest fraud in British history.Adoboli, 32, was convicted in November last year of two counts of fraud over unauthorised trades that cost the Swiss bank £1.5bn, described at the time as the biggest fraud in British history.
During his trial, he admitted trading far in excess of authorised 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.During his trial, he admitted trading far in excess of authorised 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.
Police and prosecutors sought to portray the Ghanaian-born, British-educated former public schoolboy as an out-of-control gambler who dispensed with trading safety nets.Police and prosecutors sought to portray the Ghanaian-born, British-educated former public schoolboy as an out-of-control gambler who dispensed with trading safety nets.
An official at the criminal division of the court of appeal in London said Adoboli had filed an application against conviction and sentence on 21 December.An official at the criminal division of the court of appeal in London said Adoboli had filed an application against conviction and sentence on 21 December.
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.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.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.
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