Kveku Adoboli, the trader who claims to have set a record of $ 2.3 billion, pleaded not guilty to two counts of false accounting and two counts of fraud while working for Swiss bank UBS at Southwark Crown Court today.
Kveku Adoboli, 31, of Clark Street in east London, has appeared in Southwark Crown court on charges of unauthorized trading, which lost UBS to about $ 2.3 billion.
The alleged fraudster worked 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 has been accused of unfairly using its position to try to make a personal profit and causing losses to UBS or putting the bank at risk of loss.
The city’s financial supervisor and his Swiss counterpart have launched an investigation into why UBS has failed to detect a fraudulent trade.
Kweku Adoboli, the son of a former Ghanaian to the United Nations, joined the bank as a junior in 2002.
The fees refer to the period between October 2008 and September last year.
Prosecutors say he pledged cash while buying and selling exchange-traded funds.
Judge Alistair McCrath gave the new Kweku Adoboli defense team an additional month to consult with his client after a previous appearance.
Kweku Adoboli changed legal teams in November.
He hired the London law firm Bark & Co, which specializes in fraud cases, instead of Kingsley Naples.
Judge Alistair McCrath set a preliminary date for the trial on September 3.
The judge remanded Kweku Adoboli in custody. A pre-trial hearing will be held on April 9.