Rogue Trader Suspect, Kweku Adoboli, Weeps In Court
PRESS ASSOCIATION -- A City trader wept in the dock as he appeared in court accused of a £1.3 billion fraud at Swiss banking giant UBS.
With an open-necked white shirt and sky blue sweatshirt, Kweku Adoboli stood accused of fraud and two charges of false accounting, one of which dated back to 2008.
The 31-year-old was remanded in custody to appear again at City of London Magistrates' Court for a committal hearing on September 22.
After the hearing, City watchdogs the Financial Services Authority and the Swiss Financial Market Supervisory Authority said they had ordered a "comprehensive, independent investigation" into the events surrounding trading losses at the bank's London operations.
This will see a third party investigate the details of the alleged unauthorised trading activity and why the activities remained undetected.
It will also assess the overall strength of UBS's controls to prevent fraud.