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INTEL
PIG BUTCHERING: now the #1 loss category in the US by estimated volume / HUSHPUPPI: the Instagram that became the evidence -- Case 001 open / BEC: one spoofed email, one wire, seven figures -- see the methodology / ROSS ULBRICHT: full pardon January 21 2025 after 11+ years -- Case 013 open / ALL FIGURES LABELED: estimate vs conviction vs market collapse -- see Methodology / UNODC 2023: $5.4B estimated annually from SE Asia pig-butchering compounds [UNVERIFIED] / PIG BUTCHERING: now the #1 loss category in the US by estimated volume / HUSHPUPPI: the Instagram that became the evidence -- Case 001 open / BEC: one spoofed email, one wire, seven figures -- see the methodology / ROSS ULBRICHT: full pardon January 21 2025 after 11+ years -- Case 013 open / ALL FIGURES LABELED: estimate vs conviction vs market collapse -- see Methodology / UNODC 2023: $5.4B estimated annually from SE Asia pig-butchering compounds [UNVERIFIED]
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COMPANY · BANK

UBS

🇨🇭 Zurich, Switzerland · FOUNDED 1862
THE FIGURE
~$2.3B
What UBS lost closing the positions Adoboli hid (about £1.4B); a loss, not money he took.
WHAT IT SAID IT WAS

Switzerland's largest bank; its Delta One / ETF desk in London was the vehicle for Kweku Adoboli's trades.

WHAT IT REALLY WAS

Vehicle and victim: fictitious forward trades booked as an 'umbrella' let unauthorised futures and ETF positions look hedged until the 2011 markets exposed a $2.3B loss.

THE STORY

UBS was formed by the 1998 merger of Union Bank of Switzerland and Swiss Bank Corporation, with roots to 1862. Kweku Adoboli joined its London office as a trainee in 2006 and, on the Delta One desk from 2008, booked fictitious forward trades so that his real, unauthorised positions appeared hedged. When markets fell in August 2011 the positions were found; he emailed the bank's accountants on 14 September and was arrested the next day, and UBS announced a $2.3 billion loss. The FSA fined the bank £29.7 million in November 2012 and Adoboli was jailed for seven years the same month.

WHO RAN IT
Kweku Adoboli ▸
director, Delta One desk, London · open the case file
Oswald Grübel
group CEO — resigned 24 September 2011 over the loss; not charged
WHO WAS HURT
UBS shareholders
HOW IT ENDED
Founded
1862
Based
Zurich, Switzerland
How
still operating — fined and continued

FSA fined UBS £29.7M (26 November 2012) for systems and controls failures; FINMA barred its investment bank from new acquisitions and imposed capital and approval conditions. CEO Oswald Grübel resigned September 2011. Adoboli was convicted on 20 November 2012 and sentenced to 7 years.

SOURCES
cnn.com/2012/11/26/business/ubs-fine/index.htmltheglobaltreasurer.com/2012/11/26/fsa-fines-ubs-29-7m-for-systems-and-
Facts as published in court records, regulator releases and the sources above. Anyone charged and not convicted is alleged only.
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