Ghanian Arrested In The U.K For 2 Billion Dollars Fraud

A British court on Friday remanded equities trader Kweku Adoboli in custody over an alleged $2 billion fraud at Swiss bank UBS, with one of the three charges against him dating back to 2008.

The 31-year-old wept in the dock at a City of London court as presiding magistrate Carolyn Wagstaff told him he would be remanded in custody until he appears at the same court on September 22.

Wearing an open-necked white shirt and light blue sweatshirt, Adoboli stood accused of fraud and two charges of false accounting, one of which dates from 2008 to 2009.

A packed courtroom looked on as Adoboli, the son of a retired United Nations official from Ghana, stared down at his feet while he was ushered out of court to a waiting prison van which was surrounded by photographers.

Adoboli was represented in court by a lawyer from Kingsley Napley, the same firm that acted for Nick Leeson, the British trader whose losses brought down Barings Bank in 1995.

Adoboli was arrested at UBS’s London offices at 3:30 am on Thursday.

Within hours, the bank announced it had lost $2 billion through unauthorised trading.

After two days of questioning by detectives, police charged him on Friday after prosecutors gave the go-ahead.

“City of London Police has since charged the 31-year-old with fraud by abuse of position and false accounting,” the spokeswoman said.

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