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Message: <blockquote data-quote="Coralin96" data-source="post: 1505" data-attributes="member: 15">Next update:Kweku Adoboli is being deported The Story: Adoboli is the biggest rogue trader in British history. He began his fraudulent activities in 2008, working as a director in the equities division of UBS. He started using bank money to bet on the stock market and he falsified information so the bank couldn't see the risks he was taking. Adoboli did not hedge these transactions - a transaction that would offset the risk of his gambles - so he could achieve a higher profit.By the time Adoboli came clean in 2011, he had caused a loss of $2.3bn for UBS. Jobs were cut, the CEO resigned and UBS's stock price dropped. He was later sentenced to seven years in prison.While Adoboli has been released, he is not being deported to Ghana, despite having lived in the UK since the age of 12.Impact on business and law firmsThe deportation of Adoboli follows a UK law where foreign nationals are automatically subject to deportation if they are sentenced to over four years in prison. While his lawyer has argued that Adoboli "faces no threat to society" and has already paid for his crime, the Home Office sought to ensure Adoboli was deported. He will also be unable to return to the UK and possibly also Europe and North America.This story shows that while this is a non violent crime, the government is sending a message that those who abuse the financial system will face punishment under the law. This stands in contrast to criticism it faced for not doing enough to punish bankers who engaged in risky activity during the financial crisis of 2008.</blockquote>

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