London court case postponed for former UBS trader
LONDON—A former UBS trader arrested in London on charges of fraud linked with unauthorized trades at the Swiss bank has been given extra time to prepare his defense.
Kweku Adoboli had been due to enter a plea at Southwark Crown Court on Tuesday afternoon but Judge Alistair McCreath agreed to postpone the date to give him time to consult with a new team of lawyers.
The trader, who is charged with two counts of fraud and two of false accounting between 2008 and September this year had replaced his former lawyers at Kingsley Napley law firm with a new team from Bark & Co, which specializes in fraud cases.
The trader was arrested on Sept. 14 after committing alleged fraud that cost the bank over $2 billion and is currently being held in custody.
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.