Police in London arrest suspect in UBS losses
LONDON — Police in London’s financial district have arrested a 31-year-old man in connection with a massive loss reported by Swiss bank UBS.
City of London police said the man was arrested at 3:30 a.m. Thursday on suspicion of fraud by abuse of position. His name was not released.
UBS said earlier Thursday that a rogue trader caused it an estimated loss of $2 billion, and warned that it could report a loss for the entire third quarter as a result.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.