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Former UBS 'Rogue' Trader Out On Bail

June 8, 2012
[ by Howard Haykin ] The former UBS trader, charged with false accounting related to a $2.3 billion trading loss, has had his photograph plastered so often in the media that he's recognized worldwide, though few can identify him by name.  Kweku M. Adoboli who still awaits trial, was granted bail by a London court on Friday.  An earlier bail application by Mr. Adoboli was rejected in February. Bark & Company's Tim Harris, who represents Mr. Adoboli, said his client was "delighted" and would like to thank family and friends for their support.  He is expected to be released as early as Monday.  Under terms of the release, Mr. Adoboli, 32, has a curfew but can stay at a friend’s house wearing an electronic tag. Financial terms of the bail arrangement were not disclosed. Not Guilty Plea. Mr. Adoboli had pleaded not guilty to counts of false accounting and fraud.  He was arrested in September 2011 after UBS alerted the police.  The bank claimed that Mr. Adoboli had masked the billion dollar losses from internal controls with fictitious trades. Mr. Adoboli had remained in custody ever since his arrest. This trading scandal case upended UBS AG and even led to the resignation of Oswald Grübel, its CEO. Mr. Adoboli’s trial is set ... to start 9/3/12, and likely to last about 8 weeks.  [Dealbook, 6/8/12]