UK regulator fines UBS in rogue trader case

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Associated Press

Posted on November 26, 2012 at 4:02 AM

Updated Monday, Nov 26 at 4:04 AM

LONDON (AP) — Britain's financial regulator has fined Swiss bank UBS AG for failings which allowed a rogue trader to lose $2.3 billion.

The Financial Services Authority says Monday that it is fining the bank 29.7 million pounds ($47.6 million).

Former UBS trader Kweku Adoboli was sentenced to seven years in prison last week after being convicted of two counts of fraud.

The regulator says the case revealed serious weaknesses in the firm's procedures, management systems and internal controls.

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