Electronic evidence heard in rogue trader trial

Category: Computer Investigations

4 October, 2012

A court has been shown chat messages between several traders in the trial of a rogue trader.

Kweku Adoboli is accused of losing Swiss Bank UBS $2.3 billion but denies two counts of false accounting and two counts of fraud by abuse of position.

Colleagues John Hughes and Simon Taylor were giving evidence this week and were accused of being part of the 'four musketeers' but allowed Mr Adoboli to take the blame.

Charles Sherrard, Mr Adoboli's lawyer, showed electronic evidence of a chat conversation between the accused and Mr Taylor, discussing details of a secret 'slush fund' referred to as his umbrella.

Mr Adoboli said: "We've got some nice cash for the umbrella fund. We have a new fund for rainy days," to which Mr Taylor responded: "Nice."

Mr Hughes also admitted using the umbrella account but insisted he did not know the true level of loss Mr Adoboli exposed the bank to.

In September last year, Mr Adoboli sent an email to his employers about the 'off-the-books' trading and was arrested.

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