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UBS trader obfuscated accounts for weeks

Former UBS trader Kweku Adoboli arrives at Southwark Crown Court after a break for lunch in London September 14, 2012. REUTERS/Neil HallAdoboli, 32, Canada Goose Jackets was arrested at UBS London offices on September 15, 2011. He is on trial at Southwark Crown Court accused of fraud and false accounting that cost the Swiss bank $2.3 billion, charges he denies.The court heard evidence from William Steward, an accountant who in 2011 was working in the UBS Canada Goose online back office and was responsible, among other things, for the financial accounts of the Exchange buy canada goose jacket cheap Traded Funds (ETFs) desk where Adoboli worked.Steward told the court he had first become aware of problems with that desk books in early August 2011, when he received a canada goose factory sale report on the July accounts that showed or discrepancies uk canada goose between entries into the accounting systems.The breaks amounted to $3.573 billion, a sum which Steward said was but not unknown in his work as a back office accountant at UBS. He said he had previously seen breaks that large, but they had buy canada goose jacket been resolved.In this case, Canada Goose sale however, Steward began asking questions and found that even though he received lengthy explanations from Adoboli over several weeks as to what had gone wrong with the ETFs desk accounts, he still could not make the books Canada Goose Online balance.Among Adoboli explanations were that some trades had been canada goose booked late or not at Canada Goose Coats On Sale all because the desk was short staffed, the canada goose black friday sale market was hectic and he had not had time. The trader said he had used what he presented as a time saving short cut, which involved booking some trades with clients as internal trades.explanation we were given was that this was a temporary solution while he was short Canada Goose Parka of canadian goose jacket time to make the books look balanced, and eventually (he would) canada goose coats on sale put the right trades in, Steward said.Asked by prosecuting counsel Sasha Wass what he thought about canada goose uk outlet this at the time, Steward canada goose uk shop said: obviously wasn very impressive, but it made sense.CONFUSING MYSELF HERE But by August 24, 2011, Steward was still struggling to make sense of the breaks, and he spoke to cheap canada goose uk Adoboli three times on the phone that day to canada goose coats try and get to the bottom of the problem. Recordings of those calls, which lasted more canada goose store than an hour in total, were played in court on Tuesday.The conversations were full of acronyms, jargon and complex explanations. At the first attempt to play the first call, judge Brian Keith stopped the tape within minutes, saying he could not understand and therefore jurors might not canada goose clearance understand either.Wass said that was partly her purpose in playing the tape. She said the confusing explanations https://www.canadagooseoutletcanada.ca were evidence of Adoboli and canada goose uk black friday that it was not important for the jury to understand the details since these had turned out to be untrue.Asked whether Adoboli had given any hint, in any canada goose clearance sale of the emails or calls with Steward prior to September 14, that he was booking fake trades with no counterparty, Steward saidyou ever suspect that it was the reason why the books didn balance? asked Wass. Steward said,it in fact the reason why the books didn balance? she asked. Steward said,The court then returned to the phone calls of August 24. After Steward was cheap Canada Goose given some time to go over the transcripts, take notes, Canada Goose Outlet and give the jury a broad explanation of what the conversations were about, the tapes were played in full.At the end of the second call, Adoboli appears to lose track of what he is canada goose outlet trying to say to Steward. me a sec while I just double check this and I call you back, Adoboli says. all right, says Steward. To which Adoboli responds: I confusing myself here.The trial, which is expected to last eight weeks, continues on uk canada goose outlet Wednesday. Steward will continue giving evidence and will be cross examined by Adoboli defense team.