Kweku Adoboli, the UBS trader who is accused of losing the Swiss bank a record £1.5billion, is due before Southwark Crown Court in November 2011 to face charges of fraud and false accounting.
The 31-year-old ‘rogue’ trader was arrested on Thursday 15 September after the loss was discovered by UBS on Wednesday 14 September afternoon.
Adoboli was remanded in custody by City of London magistrates on Thursday 20 October. He is to appear at Southwark Crown Court on 22 November for a plea and case management hearing.
The trader from east London only spoke to confirm his name and personal details. He did not make an application for bail and gave no indication of how he intends to plead during the hearing on 22 November. The hearing lasted for 10 minutes.
Prosecutors will tell the court how Adoboli lost the money while he was working at the Swiss bank’s global synthetic equities division. He was responsible for buying and selling exchange traded funds. Adoboli had worked at UBS since 2002, when he joined in a junior capacity.
When news of the £1.5billion loss broke, commentators were staggered by how such a large sum of money could be fraudulently traded without alarm bells ringing for the bank. Analysts said UBS had to address its risk management deficiencies immediately if it wanted to prevent a further loss of confidence in the bank.
UBS was slowly recovering from a state bail out from Switzerland in 2008. The bank had to be helped out after its investment banking arm made significant losses.
Adoboli faces two counts of fraud and two of false accounting which took place over three years during his time at UBS.