1. City trader accused of
£1.4bn bank fraud is
granted bail

3. Jun 8 2012
A CITY trader accused of gambling away a record £1.4 billion in a banking fraud
has been granted bail.
Kweku Adoboli, 32, from Clark Street, Whitechapel, east London, is accused of
losing the money while working for Swiss banking giant UBS.
He denied two counts of fraud and two counts of false accounting at an earlier
hearing but was remanded in custody.
Today after a bail hearing held behind closed doors at Southwark Crown
Court, Adoboli was granted bail on the condition that he must reside at a
friend's house and abide by a curfew enforced using an electronic tag.
A sum of surety, put up by friends but which was not disclosed publicly, was also
imposed.
Adoboli was said to be "delighted" to have been given bail.
He is due to stand trial in September with a possible preliminary hearing
scheduled for July 20.