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UBS 'rogue trader' due to enter plea

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UBS 'rogue trader' due to enter plea
Martin Abegglen
08:56 CET+01:00

A trader accused of a $2.25 billion fraud at Swiss bank UBS is due to enter his plea in a London court on Monday.

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

He was due to appear for a plea and case management hearing at Southwark Crown Court.

The son of a Ghanaian former United Nations 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.

Adoboli last appeared at Southwark Crown Court on December 20th when judge Alistair McCreath adjourned his plea and case management hearing for a second time to give the defendant's new legal team more time to consult with their client.

Adoboli, who is being held in custody, switched legal teams in November.

 

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