Alleged UBS rogue trader committed to crown court
Published 20/10/2011 | 13:18
THE ALLEGED rogue trader accused of gambling away a record £1.5bn (€1.7bn) was today committed to crown court.
Kweku Adoboli, 31, faces two counts of fraud and two of false accounting over three years at Swiss banking giant UBS.
He was remanded in custody by City of London Magistrates' Court to appear next at Southwark Crown Court on November 22 for a plea and case management hearing.
Adoboli, of Clark Street, east London, was wearing a suit, tie and white shirt.
He spoke only to confirm his personal details during the 10-minute hearing. He gave no indication of how he will plead.
There was no application for bail.
Prosecutors allege he gambled away the cash while working at UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks, bonds or commodities such as metals.
Adoboli, the son of a former Ghanaian official to the United Nations, joined the bank in a junior capacity in 2002.
David Williams QC, prosecuting, said the false accounting charges relate to the period between October 2008 and September this year.
The two fraud charges were allegedly committed during a similar period.
The £1.5bn fraud charge against him reads: "Between May 31 2011 and September 17 2011, committed fraud, in that whilst occupying a position of trust, namely that of senior trader with Global Synthetic Equities, in which you were expected to safeguard, or not to act against, the financial interests of UBS Bank, you dishonestly abused that position, by causing losses to UBS Bank, calculated at 2.3 billion US dollars, intending thereby to make a gain for yourself or cause losses to UBS Bank, or to expose the bank to risk of loss."