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UBS trader Kweku Adoboli lost thousands on spread bets prior to arrest
Kweku Adoboli, the UBS trader accused of costing his bank billions of dollars in unauthorised trades, was overdrawn and relying on pay-day loan companies when he was arrested last year. Mr Adoboli owed thousands of pounds on current accounts and credit cards despite earning £360,000 in the year of his arrest, a court was told on Monday. The man accused of losing his bank $2.3bn in rogue trades had himself lost £123,000 spread-betting through a personal account with IG index, Southwark Crown Court heard. His trading with IG Index prompted two official warnings from his bank bosses after he failed to disclose the ... (full story)