Friday, September 16, 2011

Kweku Adoboli Rogue Trader Arrested: 'I need a miracle': Desperate last Facebook message of banker accused of £1.3bn fraud - 16th Sept 2011

A suspected rogue trader accused of a staggering £1.3billion fraud told friends he needed ‘a miracle’ days before he was arrested.

Kweku Adoboli, 31, posted a desperate last message on Facebook as he tried to recover enormous losses he had run up through illegal trading.

He is then believed to have confessed to his bosses at Swiss banking giant UBS the extent of the losses he had racked up, as it understood the bank were not aware of the suspected fraud.

Detectives detained Adoboli during a 3.30am raid yesterday at his luxury London flat.

The Ghanaian, who was privately educated in Britain and is the son of a retired UN worker, is accused of being responsible for the biggest loss ever accrued by a single trader based in London.

The £1.3billion figure easily dwarfs the £827million lost by rogue trader Nick Leeson, the man behind the collapse of Barings bank in 1995.

It equates to about the same amount UBS is seeking to save by cutting 3,500 jobs worldwide.

Speculation was mounting that he may have been caught out after the Swiss Central Bank unexpectedly devalued the franc last week, producing mammoth losses on one of his currency trades.

It was then that Adoboli’s final Facebook message, believed to have been left on Tuesday, September 6, read: ‘Need a miracle.’

Adoboli’s boss John Hughes is reported to have quit his job in the aftermath of the scandal. Sources said he would have faced serious questions about supervision of staff. He could not be reached for comment last night.

UBS is understood to have discovered the huge loss late on Wednesday afternoon. City of London Police commander Ian Dyson said the force was tipped off by UBS at 1am yesterday. Read More