UBS trader 'sorry' for massive losses: lawyer

22nd September 2011, Comments 0 comments

Kweku Adoboli, the equities trader accused over a $2.3 billion fraud at Swiss bank UBS, is "sorry" and "appalled", his lawyer said Thursday as he was remanded in custody.

Defence lawyer Patrick Gibbs told the City of London Magistrates' Court: "He is sorry beyond words for what has happened.

"He went to UBS and told them what he had done, and stands now appalled at the scale of the consequences of his disastrous miscalculations."

Adoboli, smartly dressed in a dark grey suit and dark blue tie, bowed to the court with his hands over his heart as he entered the courtroom and nodded sombrely to people sitting in the public gallery.

Prosecutors said he was facing another charge of fraud to add to the existing charge of fraud and two charges of false accounting.

One of the fraud charges refers to the sum of at least $1.5 billion. But prosecutor David Levy said the Crown Prosecution Service believes the total sum involved was probably $2.3 billion, however adding that had yet to be confirmed.

Adoboli's lawyer did not request bail and none was granted. He was remanded in custody until October 20.

© 2011 AFP

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