'Rogue trader' costs major F1 sponsor billions

Global Motorsport Media

A major Formula One sponsor has had a $2 billion hole blown into its books by a so-called rogue trader.

Formula One sponsor UBS lost billions
Formula One sponsor UBS lost billions

Photo by: Alessio Morgese

The Financial Times reports that a 31-year-old has been arrested in London as the Swiss group UBS, a 'global partner' of Grand Prix racing, saw its shares plunge almost 11 per cent.

On the alleged investment fraud, a spokesperson for Swiss banking regulator Finma said: "From the scale of this case, you can be sure that it's the biggest we've ever seen for a Swiss bank."

Reports suggest the scandal could single-handedly wipe out UBS's forecasted profits for the quarter.

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Series Formula 1
Tags ubs