Former UBS Trader In Court Over Alleged Fraud

By: AP
By: AP

LONDON (AP) -- Former UBS trader Kweku Adoboli who was arrested in London on charges of fraud linked with unauthorized trades at the Swiss bank is to appear in court.

Adoboli is expected to enter a plea at Southwark Crown Court on Tuesday afternoon.

The trader was arrested on Sept. 14 after committing alleged fraud that cost the bank over $2 billion and is currently being held in custody.

The incident pushed then-CEO Oswald Gruebel to resign and undid the bank's efforts to clean up its image after being involved in a U.S. tax evasion investigation and sustaining huge losses on subprime mortgages during the financial crisis.

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