Former UBS trader pleads not guilty to $2B fraud in London

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.