A former UBS AG (NYSE:UBS) senior trader has been barred for life from working in the financial industry for manipulating financial data and falsifying reports. John Hughes, a senior trader on the bank’s synthetic equities desk in London, discovered a scheme on the trading desk whereby traders officially reported profits and losses were manipulated through a “slush fund of money” internally called the “umbrella,” the New York Times reports. This fund obfuscated $2.3 billion in trading losses by a junior trader, Kweku Adoboli, who is serving a seven year sentence in England. UBS’ Hughes “felt a bit sick” but got…
Former UBS Trader Banned For Life
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.