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London UBS trader denies fraud

posted 30 Jan 2012, 09:10 by Mpelembe Admin   [ updated 30 Jan 2012, 09:10 ]

A UK city trader Kweku Adoboli has denied gambling away a record 1.5 billion pounds in Britain's biggest banking fraud while working for Swiss banking giant UBS.

UK-UBS TRADER - A London city trader has formally denied gambling away a record 1.5 billion pounds in Britain's biggest banking fraud.


Kweku Adoboli will go on trial accused of losing the cash while working for the Swiss bank UBS.

He entered not guilty pleas to two counts of fraud and two counts of false accounting when he appeared in a London court.


The charges relate to the period between October 2008 and last September.


Prosecutors allege he gambled away the cash while buying and selling exchange traded funds.

He's accused of dishonestly using his position to try to make a personal gain, and causing UBS losses or exposing the bank to the risk of loss.


Adoboli was remanded in custody.


A pre-trial hearing will take place in April with a provisional trial date set for September

Sonia Legg, Reuters.

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