11/22/2012 : BEST OF MATES NEW SPORTS BETTING OPERATION
Co-owned and run by former UBS banker implicated in Adoboli case
A new football betting website called Bets of Mates has launched with an offering targeted at groups of friends who gamble against each other in a league.
The website, which carries a UK Gambling Commission authorisation on its home page, was co-founded by John Hughes, Dave "TY" McGurk and Adam Haywood and is headquartered in Leeds.
Dave TY McGruk is a professional footballer for York City while Adam Haywood is a business development manager by trade.
John Hughes is a former City Trader with UBS who worked alongside convicted "master fraudster" and rogue trader Kweku Adoboli who was jailed for seven years this week having been found guilty of what is termed "British History's biggest fraud" which cost UBS $2.3 Billion.
Hughes was implicated in the trial for allegedly being aware of the fraudulent trades but not disclosing them to management and when dismissed began development on the site.
"Obviously, I've been without a job," Hughes said. "I thought it [the website] was a good idea. My best mate is a professional footballer and he's invested in it."
Hughes responding to a question posed by The Guardian asking him to "pass comment on whether it's appropriate" for a man so closely linked to Britain's biggest ever fraud loss to be running a betting site", responded "It's not as though it's the first gambling website, it's an appropriate use of my skills, hopefully."