UBS fraudster colleague to launch betting site
Sports betting site, based on "competition more than economic gain", was registered in July.
A co-worker of Kweku Adoboli, the UBS worker responsible for costing the bank $1.4bn with reckless trading and jailed for seven years last week, is to launch an online betting site.
John Hughes, who ran a $50bn trading portfolio with Adoboli, registered the name BetsofMates.com at Companies House in July. Other directors of the company include York City footballer David McGurk, the Daily Telegraph reported.
The company website, registered with the Gambling Commission, says the site’s “emphasis is on competition more than economic gain” and allows friends to bet against each other to prove their superior football knowledge.
“Here at BetsofMates.com we want to create a social platform that offers you and your mates the opportunity to bet amongst each other for money, and more so for the bragging rights,” the site explains.
Ghanian-born Adoboli’s fraudulent activities while running UBS’ exchange traded funds portfolio are considered the UK’s biggest-ever banking fraud. His was sentenced to seven years in prison last week.