Dailymail.co.uk, 16 Sep 2011The trader arrested on suspicion of a staggering £1.3billion fraud at UBS is believed to have blown the whistle on himself about the unauthorised deals.
UBS's internal controls were unaware of the the huge losses allegedly generated by 'rogue trader' Kweku Adoboli, 31, and he confessed to bosses about the huge losses.
UBS are then believed to examined his trading positions and called City regulator the Financial Services Authority (FSA) and the police, according to the BBC.
The revelations is set to add to fears about the risks taken by investment banks and heighten calls for greater regulation in the banking industry. Full story
