This story just breaking from CBS and AP
Seem's someone got away with financial murder.....
CBS/AP) Updated at 7:40 a.m. Eastern
'GENEVA - Swiss bank UBS said Thursday that a rogue trader has caused it an estimated loss of $2 billion, and warned that it could report a loss for
the entire third quarter as a result.
A man was arrested in London just hours after the announcement in connection with the ongoing fraud investigation, a police spokesman tells CBS News.
Police have told multiple media outlets the suspect is Kweku Adoboli, whose profile on the LinkedIn website says he's a "Director ETF and Delta1
Trading at UBS Investment Bank."
The announcement sent UBS AG shares plummeting more than 8 percent in early trading on the Zurich exchange. By mid-morning shares were down 5 percent
at 10.38 Swiss francs ($11.83).
The bank provided little information on the incident, saying it was still under investigation. But it said no customer money was affected.
"UBS has discovered a loss due to unauthorized trading by a trader in its investment bank," it said in a statement before markets opened.
"UBS's current estimate of the loss on the trades is in the range of $2 billion," it added. "It is possible that this could lead UBS to report a loss
for the third quarter of 2011."
Police in the British capital's financial district announced an arrest in the early morning hours of Thursday in connection with the UBS case.
"City of London police arrested a 31 year old man in central London on suspicion of fraud by abuse of position, he remains in police custody,"
spokesman Harry Watkinson told CBS News. "
edit on 15-9-2011 by freetree64 because: (no reason given)