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The Globe and Mail

Former UBS trader accused of fraud remanded again

Former trader Kweku Adoboli, arrivies at City of London Magistrates' Court in London Thursday Sept. 22, 2011.

Sang Tan/AP

Former UBS trader Kweku Adoboli, who is accused of unauthorized trading which the Swiss bank says has cost it some $2.3-billion (U.S.), was remanded in custody on Tuesday by a London court until December 20.

Mr. Adoboli, 31, faces two charges of fraud and two of false accounting in a case that has shaken the investment banking world.

The British-educated son of a retired United Nations official from Ghana worked as a director of exchange traded funds at UBS. He has yet to enter a plea.

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Dressed in a dark grey suit, white shirt and blue tie, Mr. Adoboli spoke only to confirm his name during his latest court appearance since being arrested in London in September.

At a previous hearing, his lawyer Patrick Gibbs had said Mr. Adoboli was "sorry beyond words for what had happened".

"He stands now appalled at the scale of the consequences of his disastrous miscalculations," Mr. Gibbs said then.

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