‘£1.4bn loss’ trader to enter plea, bark and co, solicitors london, bark & co, giles bark jones, fred bunn
1. ‘£1.4BN LOSS’ TRADER TO ENTER PLEA, BARK
AND CO, SOLICITORS LONDON, BARK & CO, GILES
BARK JONES, FRED BUNN
- Bark & Co Solicitors
2. Kweku Adoboli has given no indication how
he will plead against charges he gambled
away huge sums while working at UBS
A trader accused of gambling away a record
£1.4bn will enter a plea in court on Monday.
3. Kweku Adoboli, 31, from east London, allegedly lost
the cash while working for Swiss bank UBS.
He will appear for a plea and case management
hearing at Southwark crown court accused of two
counts of fraud and two of false accounting.
Adoboli, who is in custody, worked for UBS’s global
synthetic equities division, buying and selling
exchange traded funds, which track different types of
stocks, bonds or commodities such as metals.
4. He is accused of dishonestly using his position to try
to make a personal gain, and causing UBS losses
or exposing the bank to the risk of loss.
City watchdog the Financial Services Authority and
its Swiss counterpart have launched an
investigation into why UBS failed to spot allegedly
fraudulent trading.
The son of a former Ghanaian official to the United
Nations joined the bank in a junior capacity in 2002.
Charges relate to the period between October 2008
and September last year.
Prosecutors allege he gambled away the cash while
buying and selling exchange traded funds.
5. Adoboli, who has appeared in the dock in
tailored suits at previous hearings, has
given no indication of how he will plead.
Judge Alistair McCreath granted Adoboli’s
new defence team an extra month to
consult with their client after a previous
appearance.
Adoboli switched legal teams in
November.
He has hired London law firm Bark & Co,
which specialises in fraud cases, in place
of Kingsley Napley.
