In the Media

Ex-UBS trader pleads not guilty to ?1.5bn fraud

PUBLISHED January 30, 2012

Kweku Adoboli faces trial for allegedly losing record sum while working for Swiss banking giant in London

A City trader has denied gambling away a record ?1.5bn in Britain's biggest banking fraud.

Kweku Adoboli, of east London, will go on trial accused of losing the money while working for the Swiss banking giant UBS.

The 31-year-old spoke only to enter not guilty pleas to two counts of fraud and two counts of false accounting as he appeared in the dock at Southwark crown court. He sat forward in his seat and took notes as pre-trial arrangements were made.

As Judge Alistair McCreath set a provisional trial date of 3 September, Adaboli said: "Thank you, your honour".

The judge remanded him in custody and said a judge would hear any application for bail.

A pre-trial management hearing will take place on 9 April. © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds