UBS rogue trader remanded to higher court

20th October 2011, Comments 0 comments

Kweku Adoboli, the equities trader accused over a $2.3 billion (1.67 billion euro) rogue trading fraud at Swiss bank UBS, was on Thursday committed to appear before a higher court on November 22.

City of London Magistrates' Court remanded Adoboli, 31, to appear before Southwark Crown Court next month to face two charges of fraud and two of false accounting over three years at the banking giant.

The former trader, who wore a suit, tie and white shirt to the short hearing, spoke to confirm his personal details and did not apply for bail.

Prosecutors accuse Adoboli of committing fraud while occupying a position as a senior trader within the company's global synthetic equities department.

Adoboli, the son of a Ghanaian former United Nations official, was arrested at the bank's London offices in the early hours of September 15.

Within hours, the bank announced it had lost $2 billion through unauthorised trading but it later raised the estimated losses to $2.3 billion.

© 2011 AFP

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