UK court remands UBS 'rogue trader' for another month

22nd November 2011, Comments 0 comments

A British court on Tuesday remanded a trader accused of a $2 billion fraud at Swiss bank UBS in custody for another month.

Kweku Adoboli, 31, did not enter a plea at London's Southwark Crown Court and spoke only to confirm his name during the brief hearing.

Judge Alistair McCreath set December 20 for his next appearance.

The trader, who was smartly dressed in a grey suit, is accused of two counts of fraud and two of false accounting between 2008 and September this year.

He was arrested in the early hours of September 15. Within hours, UBS announced it had lost $2 billion (1.5 billion euros, £1.3 billion) through unauthorised trading.

His lawyer told a hearing in September that he was "sorry beyond words" over the losses, although he is yet to indicate how he will plea.

The son of a Ghanaian former United Nations official, Adoboli worked for UBS's global synthetic equities division in the City of London financial district.

He bought and sold exchange traded funds, which track different types of stocks or commodities such as precious metals.

© 2011 AFP

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