January 30th, 2012
06:35 AM ET

Trader accused of losing UBS $2.3 billion pleads not guilty

A trader accused of fraud over a $2.3 billion loss in unauthorized trading reported by Swiss banking giant UBS pleaded not guilty in a London court Monday.

The trader, Kwaku Adoboli, was ordered held in custody and his trial was scheduled to begin September 3.

Adoboli faces a charge of fraud by abuse of position between January and September 2011, and he also faces two counts of false accounting.

His lawyer said he was "sorry beyond words" in a previous court appearance in September.


Filed under: Courts • Crime • Switzerland • United Kingdom
soundoff (7 Responses)
  1. banasy ©

    This guys is "sorry beyond words" that he was caught.

    January 30, 2012 at 7:32 am | Report abuse |
  2. gung hoe

    Morning banasy that was me yesterday that apoligized

    January 30, 2012 at 8:32 am | Report abuse |
    • banasy ©

      No worries, gung hoe.

      January 30, 2012 at 9:34 am | Report abuse |
  3. RUFFNUTT ( south Yemen prison GUARD )

    AHH IT'S OK we;ll just pass the loss onto the customers

    January 30, 2012 at 10:50 am | Report abuse |
  4. Tcr c2

    Good morning nation.... So another one bites the dust. And he got caught , he apologizes, beyond words, and pleads not guilty, hhhmmm , what a life. How do these people like this get into this industry? A school of how to apply hard knocks?

    January 30, 2012 at 10:56 am | Report abuse |
  5. BOMBO ©

    I'm sorry beyond words for ~20% of what I post here. Not everyone shares my wicked sense of humor.

    January 30, 2012 at 10:57 am | Report abuse |
  6. banasy ©

    After the first million or so scammed, being "sorry beyond words" might have meant something, but $2.3 BILLION?
    Yeah, right...

    I like the sense of humor, BOMBO.
    It's just that it loses its luster when one has to point OUT that it's a joke!

    January 30, 2012 at 2:52 pm | Report abuse |