‘£1.4BN LOSS’ TRADER TO ENTER PLEA, BARKAND CO, SOLICITORS LONDON, BARK & CO, GILESBARK JONES, FRED BUNN- Bark & Co Solicitors
Kweku Adoboli has given no indication howhe will plead against charges he gambledaway huge sums while working at UBSA trader accused of gambling away a record£1.4bn will enter a plea in court on Monday.
Kweku Adoboli, 31, from east London, allegedly lostthe cash while working for Swiss bank UBS.He will appear for a plea and case managementhearing at Southwark crown court accused of twocounts of fraud and two of false accounting.Adoboli, who is in custody, worked for UBS’s globalsynthetic equities division, buying and sellingexchange traded funds, which track different types ofstocks, bonds or commodities such as metals.
He is accused of dishonestly using his position to tryto make a personal gain, and causing UBS lossesor exposing the bank to the risk of loss.City watchdog the Financial Services Authority andits Swiss counterpart have launched aninvestigation into why UBS failed to spot allegedlyfraudulent trading.The son of a former Ghanaian official to the UnitedNations joined the bank in a junior capacity in 2002.Charges relate to the period between October 2008and September last year.Prosecutors allege he gambled away the cash whilebuying and selling exchange traded funds.
Adoboli, who has appeared in the dock intailored suits at previous hearings, hasgiven no indication of how he will plead.Judge Alistair McCreath granted Adoboli’snew defence team an extra month toconsult with their client after a previousappearance.Adoboli switched legal teams inNovember.He has hired London law firm Bark & Co,which specialises in fraud cases, in placeof Kingsley Napley.