UBS systems detected $2bn rogue trader fraud, admits CEO Sergio Ermotti
October 6, 2011
Total Loss:
$2 Billion
UBS interim CEO Sergio Ermotti has admitted systems in the banks IT infrastructure did detect the unauthorised trading activities of the rogue trader who cost UBS over $2bn.
In an internal memo, Sergio Ermotti also reveals nothing was done about the warning signals.
Last month, Akweku Adoboli, a 31-year old trader in London, was arrested as UBS announced a rogue trader had cost the bank sizable losses.
Source:
Computer Weekly
Posted in:
Internal Fraud