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$2.3Bn Trader Denied Bail; Trial Long Way Off
February 3, 2012
[ by Melanie Gretchen ]
Former UBS 'rogue' trader Kweku Adoboli, charged with false accounting related to the $2.3 billion trading loss was denied bail by a London court. Following his arrest on charges of fraud and false accounting in September, to which he pled not guilty this week, Adoboli, 31, is expected to remain in custody until his 9/3/12 trial.
UBS Investigated. In the meantime, UBS, the trader's employer, is being formally investigated by the securities authorities for Britain and Switzerland. The discovery of an initial inquiry into the trading loss led the FSA to expand its investigation, which it has passed to its enforcement division, through which, months after the initial investigation was launched, the UBS could face fines if failed supervision and other shortcomings are found.
The will “continue to fully cooperate with our regulators.” Its own internal investigation has led to the resignation of CEO Oswald Grübel, and the departure of several managers of the equity division and a tightening of internal controls.
For more details, to go [Dealbook, 2/3/12].
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