Ex-UBS Trader Adoboli, Like Hayes, Makes Crowdfunding AppealBy and
Adoboli is seeking to raise 75,000 pounds on FundRazr page
Hayes has received about 26,700 pounds since May on internet
Kweku Adoboli and Tom Hayes have more in common than working at UBS and jail. The men, who are both 36, have each turned to crowdfunding to raise money for their court appeals.
Adoboli, the former UBS Group AG trader convicted of causing a $2.3 billion loss through unauthorized trading, has raised close to 13,000 pounds ($17,000) in two days to fight deportation from the U.K. to Ghana. The FundRazr webpage features photographs of Adoboli, who was released from prison in 2015 after three years in prison, with various godchildren.
“His advisers anticipate that there may be multiple appeal stages ahead and that at least 75,000 pounds is needed in order to fund his appeal against deportation,” according to his fundraising page. “We believe that Kweku’s deportation to Ghana is disproportionate, unjust and a breach of the essential human right to have our private and family lives respected.”
Hayes, who is serving an 11-year-sentence for rigging benchmark interest rates, turned to crowdfunding in May after a court ordered him to pay back 880,000 pounds that was determined to be the proceeds of his crimes. Since then, he’s raised about 26,700 pounds on his own FundRazr page for a further appeal of his conviction.
Adoboli has lived in England for more than two decades, but doesn’t hold British citizenship. A U.K. immigration tribunal ruled in October he must return to the African country. Adoboli lost his latest appeal on July 11.
"When regard is had to the seriousness of this offense and the need to deter other foreign nationals from such serious criminal conduct, it cannot be said that the” lower court’s analysis was wrong, the Upper Tribunal dealing with immigration issues last week said in a ruling.
The former trader was convicted of two counts of fraud for causing the loss at UBS’s London unit. He argued at trial that managers at Zurich-based UBS pushed him to take too many risks and that rule-breaking at the bank was rampant. While he admitted causing the loss, he said it wasn’t done dishonestly.
"We believe that what Kweku has to offer the U.K. has far greater value than what we gain from his deportation," according to a spokesman for Adoboli, who said they are prepared to the case to the European Court of Human Rights.
"There is absolutely no benefit to the public interest from losing Kweku from the U.K."
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