UBS ‘rogue trader’ remanded in custody

A trader accused of a $2.25 billion fraud at Swiss bank UBS was remanded in custody by a London court on Tuesday as his case was adjourned until January 30th, when he must enter a plea.

Kweku Adoboli, 31, is charged with two counts of fraud and two of false accounting between 2008 and September this year.

Judge Alistair McCreath adjourned Adoboli’s plea and case management hearing for a second time to give the defendant’s new legal team more time to consult with their client.

Dressed in a white shirt, navy blue tie and grey suit, Adoboli sat on the front row of the dock with a notepad in his hand. He spoke to confirm his name.

The son of a Ghanaian former UN official, Adoboli worked for UBS’s global synthetic equities division in the City of London financial district.

He bought and sold exchange traded funds, which track different types of stocks or commodities such as precious metals.

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