UBS trader Kweku Adoboli remanded
Thursday 20 October 2011
The alleged rogue trader accused of gambling away a record £1.5 billion was today committed to crown court.
Kweku Adoboli, 31, faces two counts of fraud and two of false accounting over three years at Swiss banking giant UBS.
He was remanded in custody by City of London Magistrates' Court to appear next at Southwark Crown Court on November 22 for a plea and case management hearing.
Adoboli, of Clark Street, east London, was wearing a suit, tie and white shirt.
He spoke only to confirm his personal details during the 10-minute hearing. He gave no indication of how he will plead.
There was no application for bail.
Prosecutors allege he gambled away the cash while working at UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks, bonds or commodities such as metals.
Adoboli, the son of a former Ghanaian official to the United Nations, joined the bank in a junior capacity in 2002.
David Williams QC, prosecuting, said the false accounting charges relate to the period between October 2008 and September this year.
The two fraud charges were allegedly committed during a similar period.
The £1.5 billion fraud charge against him reads: "Between May 31 2011 and September 17 2011, committed fraud, in that whilst occupying a position of trust, namely that of senior trader with Global Synthetic Equities, in which you were expected to safeguard, or not to act against, the financial interests of UBS Bank, you dishonestly abused that position, by causing losses to UBS Bank, calculated at 2.3 billion US dollars, intending thereby to make a gain for yourself or cause losses to UBS Bank, or to expose the bank to risk of loss."
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Germanwings plane crash: Investigators may have already found remains of suspected killer co-pilot Andreas Lubitz
Children take eight Isis captives to be beheaded in latest propaganda video
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 3 WrestleMania 31 results: Seth Rollins stuns WWE as he cashes in Money in the Bank contract to claim title from Brock Lesnar
- 4 Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
- 5 Germanwings plane crash: I have depression. That doesn't make me a psychopath