Court orders UBS trader to be held until next week

Court orders UBS trader to be held until next week

London: A tearful Kweku Adoboli appeared in a London court on Friday charged with fraud after Swiss bank UBS said it had lost about $2 billion in unauthorised trades. The court ordered him to be detained until a further hearing next week.

Adoboli was formally accused of two counts of false accounting, one of which dated back to 2008, and one count of fraud by abuse of position.

Wearing a light blue sweater and a white shirt, Adoboli, 31, wiped away tears from his eyes as he appeared before City of London Magistrates Court.

He spoke only to confirm his name and address as he was remanded in custody until 22 September when he will appear again in the same court.

“This is to allow you to make a bail application," said magistrate Carolyn Wagstaff. “They are extremely serious charges."

Adoboli, 31, will face a further committal hearing for his case to be transferred to a higher court on 28 October, Wagstaff added.

Adoboli, who worked as a director of exchange traded funds at UBS, later composed himself during the short hearing and managed a few smiles at people sitting in the public gallery of the court.