Supporters of Kweku Adoboli, the former UBS trader whose unauthorised trading led to losses of $2.3bn at the Swiss bank, have launched a crowd funding appeal to help him fight deportation from the UK.
Mr. Adoboli was jailed for seven years over Britain’s biggest banking fraud after being convicted of two counts of fraud for abuse of position including one count relating to the unauthorised $2.3bn of losses. A jury at Southwark Crown Court acquitted him of four counts relating to false accounting after his 10-week trial in 2012.
Mr. Adoboli, born in Ghana, was released last year after serving half his sentence. Since then, in addition to being banned by the Financial Conduct Authority, the financial regulator, from working in the financial sector, Mr. Adoboli has been unable to work at all due to Home Office deportation rules.
He has been fighting possible deportation to Ghana and his supporters have now turned to crowd funding to help fund legal fees after he lost a court ruling in the Upper Tribunal (Administrative Appeals Chamber). Home Office rules mean the government automatically seeks the expulsion of any overseas citizen awarded a sentence of four years or more.
Mr. Adoboli was served with a Home Office deportation order last year and has unsuccessfully challenged it at the upper immigration tribunal. His advisers anticipate that there may be further multiple appeal stages ahead and that at least £75,000 is needed to fund his appeal against deportation.
His supporters have launched an appeal on Fundrazr.com, a crowd funding platform, and the website has raised £9,805 — about 13 per cent of the target — despite the appeal having only gone live on Monday.
Mr. Adoboli said he wanted “desperately” to stay in the UK, not just for his friends and family but also to carry on his voluntary work talking to traders about his experience and the perils of the banking culture. He has spoken at various regulatory conferences about what happened to him which he could not do if he was sent to Ghana. -FT.com