The rogue trader behind the “staggering” $2.3 billion loss to Swiss banking giant UBS was found guilty of two counts of fraud in unauthorized trading. Kweku Adoboli was sentenced to a total of 11 years in prison over what prosecutors described as a case that boiled down to simple dishonesty. In a statement, UBS said it is pleased the case is over and thanked authorities, but declined further comment. UBS said none of its clients’ funds were affected by the losses. The scandal led to the resignation of UBS chief executive Oswald J. Gruebel in September.
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