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http://www.dailyrecord.co.uk/news/uk-world-news/2011/12/20/rogue-trader-accused-of-gambling-away-1-4bn-of-swiss-bank-s-money-has-case-adjourned-86908-23649678/

A TRADER accused of gambling away a record £1.4billion will not enter his plea until the new year.

Proceedings were adjourned for a second time as Kweku Adoboli, 31, appeared at Southwark Crown Court.

Judge Alistair McCreath granted Adoboli's new defence team until January 30 to consult with their client.

Adoboli allegedly lost the cash while working for Swiss banking giant UBS.

Adoboli, from Clark Street, east London, is charged with two counts of fraud and two of false accounting between 2008 and September this year.

It is the second time a plea and case management has been delayed in the case.

Adoboli switched legal teams ahead of the latest court appearance.

He has hired London law firm Bark & Co, which specialises in fraud cases, in place of Kingsley Napley.

Adoboli, who made notes as he appeared in the dock in a grey suit and navy tie, worked for UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks, bonds or commodities such as metals.

The defendant, who remains in custody, is accused of dishonestly using his position to try to make a personal gain, and causing UBS losses or exposing the bank to the risk of loss.

City watchdog the Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to spot allegedly fraudulent trading.

Adoboli, the son of a former Ghanaian official to the United Nations, joined the bank in a junior capacity in 2002.

http://www.usatoday.com/money/industries/banking/story/2012-01-30/ubs-adoboli-fraud-UK/52882604/1

LONDON – A former UBS trader charged with fraud in connection with 

unauthorized trades that cost the Swiss bank more than $2 billion pleaded 

not guilty Monday to the charges against him.

Kweku Adoboli, 31, pleaded not guilty to two counts of fraud and two of 

false accounting between 2008 and September 2011 at London's Southwark 

Crown Court.

The trader was arrested in London Sept. 14.

The incident pushed UBS CEO Oswald Gruebel to resign and damaged the 

bank's efforts to clean up its image after being involved in a United States tax 

evasion investigation and sustaining huge losses on subprime mortgages 

during the financial crisis.

The British Financial Services Authority and its Swiss counterpart have 

launched an investigation into why UBS failed to spot allegedly fraudulent 

trading.

Adoboli's case was delayed last year after he replaced his former lawyers at 

Kingsley Napley law firm with a new team from Bark & Co., which specializes 

in fraud cases.

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