Kweku Adoboli, a former trader with UBS AG convicted by a UK court in November 2012 of engaging in unauthorized trades causing UBS losses of $2.3 billion in 2011, was formally prohibited last week by the UK Financial Conduct Authority from ever again working in the financial services industry. Mr. Adoboli is currently serving a seven-year prison sentence for his conduct. UBS previously settled charges brought by the FCA by paying a fine equal to US $47.6 million for its alleged failures to maintain controls to prevent Mr. Adoboli’s fraud.