http://www.usatoday.com/money/industries/banking/story/2012-01-30/ubs-adoboli-fraud-UK/52882604/1
A TRADER accused of gambling away a record £1.4billion will not enter his
plea until the new year.
Proceedings were adjourned for a second time as Kweku Adoboli, 31,
appeared at Southwark Crown Court.
Judge Alistair McCreath granted Adoboli's new defence team until January 30
to consult with their client.
Adoboli allegedly lost the cash while working for Swiss banking giant UBS.
Adoboli, from Clark Street, east London, is charged with two counts of fraud
and two of false accounting between 2008 and September this year.
It is the second time a plea and case management has been delayed in the
case.
Adoboli switched legal teams ahead of the latest court appearance.
He has hired London law firm Bark & Co, which specialises in fraud cases, in
place of Kingsley Napley.
Adoboli, who made notes as he appeared in the dock in a grey suit and navy
tie, worked for UBS's global synthetic equities division, buying and selling
exchange traded funds, which track different types of stocks, bonds or
commodities such as metals.
The defendant, who remains in custody, is 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.
City watchdog the Financial Services Authority and its Swiss counterpart have
launched an investigation into why UBS failed to spot allegedly fraudulent
trading.
Adoboli, the son of a former Ghanaian official to the United Nations, joined
the bank in a junior capacity in 2002.
