UBS Blames Internal Gaps for Fraud
November 1, 2011
Total Loss:
$2 Billion
An assessment of financial controls at Switzerland-based UBS has revealed gaps in internal measures that ultimately resulted in losses totaling $2 billion in unauthorized trades.
In a statement issued this week, UBS says certain internal controls were not effective on Dec. 31, 2010. That's when 31-year-old Kweku Adoboli, a former UBS director who oversaw electronic funds transfers and Delta1 Trading for the investment bank, pushed through $2 billion in fraudulent trades UBS later said would likely result in a third-quarter loss for 2011.
Source:
BankInfoSecurity
Posted in:
Internal Fraud
ACH and Wire Fraud
Deposit Account Fraud