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May 23, 2012

Former UBS trader Kweku Adoboli accused of unauthorised trading that cost the Swiss bank $2.3 billion (£1.5 billion) was due to enter a plea for the first time on Tuesday.

In a case that led to the resignation of UBS's chief executive, Adoboli 31, who worked as a director of exchange traded funds, has been charged with two counts of fraud and two of false accounting and will appear at Southwark Crown Court at 2:00 p.m.

UBS said it had uncovered rogue trades that took place between October 2008 and December 2010.

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Posted: May 23, 2012 8:45pm
May 23, 2012

Kweku Adoboli has given no indication how he will plead against charges he gambled away huge sums while working at UBS

A trader accused of gambling away a record £1.4bn will enter a plea in court on Monday.

Kweku Adoboli, 31, from east London, allegedly lost the cash while working for Swiss bank UBS.

He will appear for a plea and case management hearing at Southwark crown court accused of two counts of fraud and two of false accounting.

Adoboli, who is in custody, 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.

He 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.

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

Charges relate to the period between October 2008 and September last year.

Prosecutors allege he gambled away the cash while buying and selling exchange traded funds.

Adoboli, who has appeared in the dock in tailored suits at previous hearings, has given no indication of how he will plead.

Judge Alistair McCreath granted Adoboli’s new defence team an extra month to consult with their client after a previous appearance.

Adoboli switched legal teams in November.

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

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Posted: May 23, 2012 8:44pm

 

 
 
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