Kveku Adoboli, a suspected UBS fraudster, said today that he “regrets without a word” the record loss of $ 2.3 billion suffered by the Swiss banking giant.
Kweku Adoboli was sitting on the dock in the London Magistrates’ Court while his lawyer, Patrick Gibbs QC, told the court:
“He is sorry for what happened here.
“He went to UBS and told them what he had done, and now he is horrified by the scale of the consequences of his catastrophic mistakes.”
Queku Adoboli, 31, will face a second fraud count in addition to two counts of false accounting for three years at UBS.
Magistrates remanded Kweku Adoboli in custody until October 20 at the first of two engagement hearings.
Prosecutors say Adoboli lost money while working for UBS’s global synthetic stock division, buying and selling exchange-traded funds that track various types of stocks, bonds or commodities such as metals.
Kweku Adoboli’s lawyer, Louise Hodges, of Kingsley Napley’s lawyer, has not yet filed a bail application for his client.
The alleged fraud was committed between January 1 and September 14 this year.
Kweku Adoboli, the son of a former Ghanaian to the United Nations, joined the Swiss company as a junior in 2002.
The accusation of fraud against the fraudster reads:
“While you were in a position to be a senior global synthetic trader who was expected to protect or not act against UBS Bank’s financial interests, you were dishonestly abusing that position, thereby intending to gain for yourself. causing losses to UBS or exposing UBS to the risk of loss. “
The two allegations of false accounting – dating back to 2008 – allege that Kweku Adoboli “falsified a record, namely a stock exchange transaction”.
Following Kweku Adoboli’s first appearance in court, UBS revised up the fraudulent price of the trade to $ 2.3 billion (1.5 billion pounds) after previously claiming that the incident cost within two billion dollars ( 1.3 billion British pounds).
The British Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to detect a fraudulent trade.