A former UBS AG (NYSE:UBS) senior trader has been barred for life from working in the financial industry for manipulating financial data and falsifying reports.
John Hughes, a senior trader on the bank’s synthetic equities desk in London, discovered a scheme on the trading desk whereby traders officially reported profits and losses were manipulated through a “slush fund of money” internally called the “umbrella,” the New York Times reports. This fund obfuscated $2.3 billion in trading losses by a junior trader, Kweku Adoboli, who is serving a seven year sentence in England.
UBS' Hughes “felt a bit sick” but got...
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