A British court sentenced Tuesday UBS trader Kweku Adoboli to seven years in prison for a fraud estimated at 1.8 billion euros ($2.3 billion).
The 32-year-old was found guilty performing unauthorized operations when he worked for the Swiss bank in London between October 2008 and September 2011.
Adoboli, who was born in Ghana but educated at exclusive schools in England, was arrested on Sept. 15, 2011, after he confessed to the phony trades when someone at UBS questioned some of the transactions.
According to the bank, the fraud was possible since the financial market trader presumably created fake data to camouflage the risks he assumed.
"The amount of money involved was staggering, impacting hugely on the bank, but also on their employees, shareholders and investors," Andrew Penhale, deputy head of fraud at the Crown Prosecution Service, said.
Adoboli, however, said that everything he did was aimed at benefiting UBS, which he considered his "family," but admitted that he lost control in the whirlwind of the financial crisis.
He has always claimed that he was under tremendous pressure from his superiors to take risks that led him to make bad trading moves. EFE