Expatica news

UK court remands UBS trader in custody over $2 bln fraud

A British court on Friday remanded equities trader Kweku Adoboli in custody over an alleged $2 billion fraud at Swiss bank UBS, with one of the three charges against him dating back to 2008.

Adoboli, 31, wept in the dock at City of London magistrates court as presiding magistrate Carolyn Wagstaff told him he would be remanded in custody until he appeared at the same court on September 22.

Wearing an open-necked white shirt and light blue sweatshirt, Adoboli stood accused of fraud and two charges of false accounting, one of which dates from 2008 to 2009.

Adoboli, the son of a retired Ghanaian United Nations official, was arrested at UBS’s London offices at 3:30 am (0230 GMT) Thursday, shortly before the bank announced it had lost $2 billion (1.46 billion euros) in unauthorised trading.

Police said earlier the investigation was continuing.