More On Legal & Compliancefrom The Advisor's Professional Library
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Kweku Adoboli, the former UBS trader arrested in September over losses of $2.3 billion, pleaded not guilty to all charges on Monday at a London hearing. With new lawyers at his side, the man accused of causing the biggest unauthorized trade loss in British history said he was not guilty of fraud and false accounting.
Adoboli was taken into custody on Sept. 15 after UBS sent police after him. At the time he said he had falsified counterparties in a number of trades after they were questioned. The trades caused the departure of former CEO Oswald Greubel and the co-heads of the bank’s global equities business, and also launched an investigation by British and Swiss financial regulators into how such a massive loss could have proceeded unchallenged.
Adoboli hired new attorneys after saying through his old attorneys in September, at a hearing, that he was “sorry beyond words” for “his disastrous miscalculations.” In December he was given an extra month to enter a plea. His new lawyer, Paul Garlick of Bark & Co. in London, told the court that his client had not received “satisfactory legal advice.”
UBS said that Adoboli masked his trades by fictitious positions. According to prosecutors, he also falsified records on ETF transactions. He has been charged with fraud and false accounting going back to 2008, and is being held at Wandsworth prison in London. His attorneys have not requested bail; Adoboli holds a Ghanaian passport.