In the wake of JPMorgan’s ill-conceived hedging strategy, which cost the bank its sterling reputation along with $2 billion and counting, Advanced Trading decided to highlight some of Wall Street’s worst bets ever.
May 21, 2012
8. Kweku Adoboli, UBS
Unauthorized trades by Kweku Adobili over a two-year period cost the bank $2.3 billion, and renewed calls from the investment community for better risk controls to protect firms from rogue traders. Adobili was the bank’s director of exchange-traded funds. He was charged with two counts of fraud, and two counts of false accounting. The bank said his illegal trades happened between October 2008 and December 2010.
