£1.4 billion city trader ‘lost control’ during crisis
A CITY trader accused of gambling away £1.4 BILLION said he just “lost control” during the financial crisis.
Kweku Adoboli, 32, is accused of committing Britain’s biggest ever fraud while working for Swiss bank UBS.
He denies two counts of fraud and four counts of false accounting between October 2008 and last September after he allegedly set up an “umbrella” fund for off-book trades.
Jurors at Southwark Crown Court heard the fund was doing well until he changed from a careful policy to an aggressive “bullish” stance under pressure from senior managers.
Describing when he began to make serious losses as European markets crashed in July last year, Adoboli said: “I absolutely lost control, I was no longer in control of the decisions around the trades we were doing.”
Adoboli, from Whitechapel, east London, added: “We were told to go for it, we went for it.
“We were told to push the boundaries, so we pushed the boundaries.”
The court heard that at one point Adoboli was at risk of causing the bank losses of £7.5 billion.
The trial continues.