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UBS trader charged in $2 billion British fraud case (video)

Authorities in London have charged a trader for Swiss banking giant UBS for his alleged part in a $2 billion fraud case.

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National News/Zuma Press/Newscom
A general view of Swiss banking giant UBS offices on Liverpool Street, East London. Kweku Adoboli has been arrested in connection with the rogue trading which lost the bank $2 billion.
  • By Reuters

| London

London police probing a $2 billion loss at Swiss bank UBS charged trader Kweku Adoboli with fraud on Friday.

Adoboli, 31, who was a UBS director of exchange traded funds, will appear before City of London Magistrates court later on Friday.

Police said that shortly before 1 p.m. (1200 GMT) prosecutors had approved charges being brought against Adoboli, from Bethnal Green in east London.

"City of London Police has since charged the 31-year-old with fraud by abuse of position and false accounting," police said in a statement.

"The City of London Police investigation is ongoing and officers continue to work in close collaboration with the FSA (Financial Services Authority), SFO (Serious Fraud Office) and CPS (Crown Prosecution Service)."

The statement said no further details would be issued.

Adoboli was arrested in the early hours of Thursday.

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