Former Ackworth student arrested
The former head boy has been accused of $2bn banking fraud
The $2bn alleged banking fraud by a trader at UBS, an investment bank, has exposed ethical failure at both the corporate and the individual level, a member of Quakers and Business has stated.
Eoin McCarthy said that the latest scandal to rock the financial markets exposes the fact that banks have not learnt the lessons from the previous banking crisis caused by rogue traders. He continued: ‘Traders need supervision. Supervisors and support personnel need guidance and back up. So that they espouse all the company’s values, managers need to be led and inspired. To negotiate tough dilemmas that can go to the heart of the business, directors need the best tools.’
Eoin’s comments come amid mounting concern that the banking sector requires further reforms in its investment banking operations in the wake of yet another rogue trader scandal.
Kweku Adoboli, 31, was arrested concerning the alleged fraud, which has cost UBS £1.2 billion ($2bn), on suspicion of what police called ‘fraud by abuse of position’. He attended Ackworth School, a private Quaker boarding school in Yorkshire where he had been head boy.
