RBS Rogue trader, Kweku Abodoli is out of jail, banned from working in Finance

City A.M. | Business

Kweku Abodoli lost $2.3bn at UBS
(Source: via City A.M.)

The RBS Trader lost $2.3bn when he failed to tell his bosses on time has been released from prison, but he cannot work in Finance again, according to City Newspaper City A.M.

Kweku Abodoli cost RBS the staggering amount of $2.3bn (£1.4bn) in unauthorised trading in 2011 and was convicted for fraud in 2012, although senior managers were said to have been aware of his actions and encourage him to takes.

Prior to the discovery of the huge loss, he had tweeted that he needed the grace of God. He was released to day, after serving half his term.

According to the City A.M, "The Ghanaian-born British citizen will no longer be allowed to work in finance as the Financial Conduct Authority (FCA) is moving to ensure he cannot take a financial services position up again."

Abodoli joined RBS as a graduate trainee following his graduation from the University of Nottingham in 2003. He became a trader in the global synthetic equities division, buying and selling exchange traded funds (ETFs) in 2006.

During his hearing, Southwark Crown Court was told Adoboli was close to losing $12bn.

"Last year, UBS trader John Hughes was banned from performing any function in relation to any regulated activity in the financial services industry relating to the Adoboli case, after the FCA found he was not a fit and proper person, indicating Adoboli may end up with the same ban," City A.M. said.