UBS Trader Charged With Fraud

Kwaku Adoboli, the trader at the centre of the UBS $2bn unauthorized trading affair, has appeared in court in London and been charged.

His lawyers did not request bail.

The City of London Police said in a statement:

'Kwaku Adoboli, 31, from Bethnal Green, appeared at City of London Magistrates (Sep 16 pm) charged with one count of fraud by abuse of position and two counts of false accounting.

He was remanded in custody to appear at City of London Magistrates on September 22. The City of London Police investigation is ongoing and officers continue to work in close collaboration with the FSA (Financial Services), SFO (Serious Fraud Office) and CPS (Criminal Prosecution Service)'.