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Read it at The Wall Street Journal
It seems UBS's rogue trader got away with his unauthorized trades for far longer than suspected. Sources tell The Wall Street Journal that Kweku Adoboli started his alleged scheme back in 2008. The scheme was discovered Wednesday and Adoboli was arrested. He has been charged with two counts of false accounting and one count of fraud. Losses connected to his trades totaled $2 billion, and traders have speculated that the losses were tied to recent volatility of the Swiss franc.