A former UBS
trader is going on trial, accused of unauthorized trades that cost
Switzerland's biggest bank more than $2 billion.
Kweku Adoboli has pleaded
not guilty to two counts of fraud and two counts of false accounting between
2008 and 2011.
Ghana-born Adoboli was a
senior equities trader with the bank in London when he was arrested in
September 2011 after UBS discovered irregularities in trading records. The bank
estimated its loss at $2.3 billion.
The incident hurt the
bank's efforts to restore its image after a Swiss government bailout and a tax
evasion investigation in the United States.
Prosecutors are expected
to begin laying out their case against 32-year-old Adoboli at London's
Southwark Crown Court on Friday. The trial is scheduled to last eight weeks.
Post a Comment