LONDON – A former UBS trader arrested in London on charges of fraud linked with unauthorized trades at the Swiss bank has pleaded not guilty to the charges against him.
Kweku Adoboli, 31, pleaded not guilty Monday to two counts of fraud and two of false accounting between 2008 and September 2011.
The trader was arrested on Sept. 14 after committing alleged fraud that cost the bank over $2 billion.
The incident pushed then-CEO Oswald Gruebel to resign and damaged the bank’s efforts to clean up its image after being involved in a United States tax evasion investigation and sustaining huge losses on subprime mortgages during the financial crisis.
Adoboli is being held in custody. Judge Alister McCreath said he will listen to an application for jail. The trial was set for September 3.
