KWEKU ADOBOLI HAS GIVEN NO INDICATION HOW HE WILL PLEAD AGAINST CHARGES HE GAMBLED AWAY HUGE SUMS WHILE WORKING AT UBS

1. KWEKU ADOBOLI HAS GIVEN NO
INDICATION HOW HE WILL PLEAD
AGAINST CHARGES HE GAMBLED AWAY
HUGE SUMS WHILE WORKING AT UBS

2.  A trader accused of gambling away a record
£1.4bn will enter a plea in court on Monday.
Kweku Adoboli, 31, from east London,
allegedly lost the cash while working for
Swiss bank UBS. He will appear for a plea
and case management hearing at Southwark
crown court accused of two counts of fraud
and two of false accounting. Adoboli, who is
in custody, 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.

3.  He 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. The
son of a former Ghanaian official to the
United Nations joined the bank in a junior
capacity in 2002. Charges relate to the period
between October 2008 and September last
year. Prosecutors allege he gambled away
the cash while buying and

4.  selling exchange traded funds. Adoboli, who
has appeared in the dock in tailored suits at
previous hearings, has given no indication of
how he will plead. Judge Alistair McCreath
granted Adoboli’s new defence team an extra
month to consult with their client after a
previous appearance. Adoboli switched legal
teams in November. He has hired London law
firm Bark & Co, which specialises in fraud
cases, in place of Kingsley Napley.