The UBS trader behind the UK’s biggest ever fraud, causing $2.3 billion of unauthorized losses, is facing deportation after being detained by the Home Office in Scotland on Monday – despite serving his jail time.
Kweku Adoboli, 38, who was found guilty in 2012 of causing a $2.3bn unauthorized trading loss – making him the biggest fraudster in UK history – has been told by the Home Office that he faces deportation. His crime involved booking fictitious trades to cover up gambles in the pursuit for profits.
Adoboli, who has lived in Britain since childhood, was released from jail in 2016, having served half of the seven-year sentence handed down to him. The threat of deportation hanging over the ex-City bank trader has prompted thousands of pounds in donations from friends, family, and supporters to assist in his legal challenge.
Adoboli told BBC Scotland that he suspects racism may be at play, claiming: “The fact that I was born in a different country and have different-coloured skin became part of the labelling process.”
“It was no longer, Kweku Adoboli who went to Yorkshire at the age of 12, became head boy of his school, went to Nottingham University, contributed to the students’ union, became campus brand ambassador for UBS, et cetera, et cetera, et cetera. It was ‘Ghanaian-born rogue trader Adoboli,’” he said.
Friends of Adoboli have launched a Crowdjustice campaign, which has so far raised more than £17,700. The page states: “We remain hopeful that the Home Secretary will have the common sense not to deport an individual that is so obviously an asset to our community.
“We, his friends in the UK, are his family. He is godfather to seven of our children, was best man at three of our weddings, helps us push wheelchairs up mountains, and is our best friend, brother and son.”
READ MORE: The 2008 financial crash: Punishing the victims, rewarding the perpetrators
The Independent reports that since being released from prison, Adoboli has used his time speaking to people in the banking sector about how to safeguard against a repeat of his damaging actions.
During his court proceedings, the former UBS trader had told the jury that his managers were aware of his actions, actively encouraging him to take risks, but the court was told he made “unprotected, unhedged, incautious and reckless” trades.
He was taken to Dungaval detention centre in Strathaven in preparation for his impending deportation, after reporting to the Home Office on September 3. Under British law, any foreign national sentenced to more than four years in prison is subject to automatic deportation.
Adoboli, who is said to live with two of his godchildren whom he helps care for, has argued that due to having close friends and family ties in the UK, in addition to being a low risk case of re-offending and is non-violent, mean he should be granted permission to stay.
He lived in Ghana until the age of four, when he moved with his family to the Middle East. At the age of 12, Adoboli was sent to boarding school in the north of England and has remained in Britain ever since.
On completing his studies at Nottingham University, Adoboli gained work at UBS, having been given a work permit and successfully acquiring permanent residence status. He worked at UBS until his arrest in 2011.
A Home Office spokesperson declined to comment on Adoboli’s case but issued a statement saying: “All foreign nationals who are given a custodial sentence will be considered for removal.
“Foreign nationals who abuse our hospitality by committing crimes in the UK should be in no doubt of our determination to deport them and we have removed more than 42,800 foreign offenders since 2010.”
Like this story? Share it with a friend!