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May 26, 2012

A former UBS employee accused of unauthorized deals that cost the Swiss bank 1.7 billion euros ($2.3 billion) has pleaded not guilty to fraud and false accounting charges.

In one of the world's biggest-ever cases of alleged "rogue trading," Kweku Adoboli has entered a plea of 'not guilty' in a London court where he faces charges on four counts of fraud and false accounting.

Adoboli, who could receive a maximum 10 years in prison if found culpable, spoke only to confirm his name and reply "not guilty" to all the charges when they were read out to him at a packed Southwark Crown Court.

Judge Alistair McCreath remanded Adoboli in custody and set a trial date of September 3.

The losses incurred by UBS were a severe blow, leading to the resignation of the bank's chief executive Oswald Grübel and triggering a shake-up of its investment banking services.

Kweku Adoboli being lead away by police as he was arrested

Adoboli's rogue trading cost UBS a lot of jobs and money

Adoboli worked for UBS's global synthetic equities division in London's financial district, buying and selling funds which track different types of stocks or commodities, such as precious metals.

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Posted: May 26, 2012 8:43pm

 

 
 
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Alcira H.
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