The City trader accused of fraudulently gambling away £1.4bn of his bank's money had lost £123,000 of his own cash through a spread betting account, a court heard.
Kweku Adoboli, who is standing trial accused of bringing Swiss bank UBS to the brink of collapse, lost so much of his own money spread betting he had turned to Wonga.com and a string of other payday lenders, the jury was told.
Southwark crown court heard that Adoboli, 32, opened an account at IG Index, a spread betting firm that allows customers to make bets on financial instruments in March 2010. In the year running up to his arrest last September he lost £123,000 and was issued with two warnings by his bosses for failing to declare the account, which breached the banks rules. He had also opened a second spread betting account at City Index.
UBS trader accused of fraud 'lost £123k of own cash on spread betting' | Business | The Guardian
I wonder which made him feel worse, losing £1,400,000,000 of the banks money, or £123,000 of his own??