Ex-UBS trader Adoboli loses appeal

London - Former UBS trader Kweku Adoboli has failed in his latest attempt to appeal against a fraud conviction, a spokesman at the law firm representing him said on Wednesday.

Adoboli was convicted in November 2012 of two counts of fraud over unauthorised trades that cost the Swiss bank $2.3bn in 2011. He is serving a seven-year jail sentence.

At his trial, he admitted trading far in excess of authorised limits and booking fictitious off-setting trades to hide his true risk exposure, but argued that everything he did was to make profits for UBS and was in line with bank culture.

Last June, a single judge rejected Adoboli's original bid to appeal against his conviction and on Wednesday his renewed application was turned down.

A spokesman at Bark & Co law firm said that there was now no further right of appeal, unless fresh evidence came to light which he said was highly unlikely.

UBS was not a party to Adoboli's trial, which was a criminal prosecution brought against him by the British state.