British police charge UBS trader over rogue trading

16th September 2011, Comments 0 comments

British police charged trader Kweku Adoboli over a $2 billion fraud at Swiss bank UBS and he will appear in court later Friday, a spokesman said.

A City of London police spokesman told AFP: "At 12.56 pm on September 16, the CPS (Crown Prosecution Service) authorised the charging of Kweku Adoboli.

"City of London Police has since charged the 31-year-old with fraud by abuse of position and false accounting.

"He remains in police custody and is due to appear at City of London magistrates (court) this afternoon.

"The City of London police investigation is ongoing and officers continue to work in close collaboration with the" Serious Fraud Office, regulator Financial Services Authority and prosecutors, he said.

Adoboli was arrested at the bank at 3:30 am Thursday shortly before UBS announced that it had lost $2 billion (1.46 billion euros) in unauthorised trading.

© 2011 AFP

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