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UBS Rogue Trader Case Postponed

December 20, 2011
Former UBS trader, Kweku Adoboli, charged with fraud over a $2.3 billion loss, has had his case postponed by a month after his new lawyer said his client needs more legal advice.  Adoboli fired his previous lawyer, from the leading London firm of Kingsley Napley and hired his current lawyer, Paul Garlick, from Bark & Co., another London-based law firm focusing on fraud and serious crime cases only six days ago. Mr. Adoboli is to remain in custody until Jan. 30 when he is expected to enter a plea, a judge at London’s Southwark Crown Court ruled. It was the second adjournment in the case that started with Mr. Adoboli’s arrest in September and Judge Alistair McCreath said it would be the last. Mr. Adoboli, 31, only spoke to confirm his name and then to say he understood that there would not be any further adjournments. Mr. Adoboli has been charged with two counts each of fraud and false accounting. The scandal led to the resignation of Oswald Grübel as chief executive of the Swiss bank and the departure of a handful of senior managers in the equities division, where Mr. Adoboli worked.  [Dealbook 12/20/11]