Kweku Adoboli, the former UBS trader whose unauthorised trading led to losses of $2.3bn at the Swiss bank has been convicted in Britain's biggest banking fraud. A jury at Southwark Crown Court on Tuesday returned verdicts of guilty on two counts of fraud by abuse of position, including one count which relates to the unauthorised $2.3bn of losses he racked up. Mr Adoboli will be sentenced later on Tuesday. They returned not guilty verdicts on four charges of false accounting which related to fictitious hedging trades and fictitious cash only trades which he booked to conceal that risk. The 10-strong jury had returned a unanimous verdict on the most serious fraud charge on Tuesday morning but deliberated for another 90 minutes on the other five charges after being told by the jury he would accept a majority verdict on the remainder. Mr Adoboli,32, stood in the dock with his head bowed as he heard the verdicts. Prosecutors had alleged during the 10 week trial that Mr Adoboli had "fraudulently gambled" away the bank's money and exceeded his intraday trading limits of $100m and made unhedged trades by "inventing fictitious deals" to distort his risk position which then exposed the bank to huge losses. During the trial Mr Adoboli testified that he began his activities in 2008 to cover a $400,000 trading loss and after that had used fictitious hedging trades to conceal the fact that his real trades were unhedged. Mr Adoboli's trades became larger and by August 8, 2011, the bank thought the reported risk was $2.3m but the real risk exposure was $11.85bn. By not convicting him of false accounting charges, the jury found he did not seek any personal gain from his actions. In his defence during the 10-week trial, Mr Adoboli argued that everything he did was for the bank's benefit which he loved "like family." He claimed that other co-workers on the exchange-traded funds (ETF) desk, management and the back office knew what he was doing and turned a blind eye as long as he was making profits. He also claimed unhedged trading was something he learned from others and the traders were under pressure to take risks to maximise profits. Mr Adoboli's scheme came to an end in the summer of 2011 when people at the bank started asking questions about his trading. He was able to sidestep those inquiries but on September 14, prosecutors said that Mr Adoboli's "pyramid of fraud" collapsed" after phone calls querying the sums from William Steward, a back office UBS accountant. Mr Adoboli walked out of UBS that lunchtime , went home and sent a "bombshell email" to Mr Steward "confessing" the trades he had been seeking clarification over were "not real trades at all" and his explanations had been "just lies" prosecutors had alleged. The bank later unwound his positions, crystallising a loss of $2.3bn. During the trial Mr Adoboli took the witness stand for eight days and sobbed on several occasions, telling the jury: "UBS was my family and everything and every single thing I did, every single bit of effort put into that organisation was for the benefit of the bank..that was everything I lived for...to find yourself in Wandsworth prison for nine months because all you did was work so hard for this bank." Mr Adoboli also suggested to the court that across the industry no-one was willing to stand up to the banking industry and testify on his behalf during the trial. "You've seen the size of the machine," he told the jury in his evidence as he gestured to the 11-strong band of UBS lawyers and other representatives who have attended court each day. During the trial, Mr Adoboli's trial has exposed a number of shortcomings of UBS's supervision of the ETF desk and indicated its "more aggressive" attitude to pursuing profits. The relevations of the huge losses racked up by Mr Adoboli's trading shook the Swiss bank to its core and triggered the departure of Oswald Grubel, its chief executive. UBS announced 10,000 job losses in its investment bank earlier this month, although these were unrelated to the equities division where Mr Adoboli's trading was located.