On November 26, the FSA published a final notice to UBS AG, fining it £29.7 million for having breached Principles 2 and 3 of the FSA’s Principles for Business. The breaches occurred in the Global Synthetic Equities business, conducted from UBS’ London branch during the summer of 2011, and became apparent when UBS discovered that Kweku Adoboli, one of its traders, had lost a total of $2.3 billion through his trading. On November 20, Mr. Adoboli was convicted of two counts of fraud and received a seven year prison sentence.