(Bloomberg) -- John Hughes, the former senior trader on the exchange-traded funds desk at UBS AG’s global synthetic equities division, was banned from working in the U.K. finance industry over his involvement in a $2.3 billion unauthorized trading loss caused by Kweku Adoboli.

Hughes knew about and didn’t report an internal fund, dubbed an “umbrella,” that Adoboli created to help them reserve profits to cover future losses, the Financial Conduct Authority said in a statement today.

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