LONDON – A former UBS trader charged with fraud in connection with
unauthorized trades that cost the Swiss bank more than $2 billion pleaded
not guilty Monday to the charges against him.
Kweku Adoboli, 31, pleaded not guilty to two counts of fraud and two of
false accounting between 2008 and September 2011 at London's Southwark
Crown Court.
The trader was arrested in London Sept. 14.
The incident pushed UBS CEO Oswald Gruebel to resign and damaged the
bank's efforts to clean up its image after being involved in a United States tax
evasion investigation and sustaining huge losses on subprime mortgages
during the financial crisis.
The British Financial Services Authority and its Swiss counterpart have
launched an investigation into why UBS failed to spot allegedly fraudulent
trading.
Adoboli's case was delayed last year after he replaced his former lawyers at
Kingsley Napley law firm with a new team from Bark & Co., which specializes
in fraud cases.
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The judge set a provisional trial date for Sept. 3 and remanded Adoboli in
custody. He said he was willing to hear an application for bail.
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