Thursday, 22 September 2011

Fraud Charge Trader Kweku Adoboli 'Sorry Beyond Words'

THE DAILY TELEGRAPH: An alleged rogue trader accused of the City’s biggest fraud is “sorry beyond words”, his lawyer said today.

Former public school boy Kweku Adoboli was “appalled” at the consequences of his “disastrous miscalculations”, said his barrister Patrick Gibbs QC.

Kweku Adoboli is said to have gambled away £1.5 billion while working for Swiss investment bank UBS.

The 31-year-old of Stepney, east London, who faces two charges of false accounting and two counts of fraud, appeared before City of London magistrates.

Mr Gibbs told the hearing: “He is sorry beyond words for what has happened here.
“He went to UBS and told them what he had done and stands appalled at the scale of the consequences of his disastrous miscalculations.”

Adoboli was remanded in custody to appear for a committal hearing on October 20. No plea was entered and there was no application for bail. » | John-Paul Ford Rojas | Thursday, September 22, 2011