Former UBS trader Kweku Adoboli has been found guilty of one count of fraud by a jury after a trial investigating the $2.3bn rogue trade at the Swiss bank, according to reports.
The Southwark Crown Court jury returned a unanimous guilty verdict on one count of fraud by abuse of position between May and September 2011 - the period in which the losses were sustained.
Adoboli faced trial at a London court from 10 September to 14 November after he was accused of carrying out rogue trades that culminated in the bank reporting a loss of $2.3bn.
He was accused of carrying on unauthorised trades in excess of authorised risk limits, concealing his exposure via fictitious hedges and concealing some of his profits so he could funnel them back into official accounts.
Adoboli had denied two counts of fraud - the other relating to abuse of position prior to May 2011 - and four counts of false accounting. He said during the trial that his bosses encouraged him to take risks.
The jury is still deliberating the five other counts.
More to follow
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