UBS trader charged with fraud
- 13 years ago
Kweku Adoboli was charged with fraud in a London court on Friday.
The London-based trader for Swiss banking giant, UBS was accused of two counts of false accounting and one count of fraud by abuse of position.
The charges came a day after the bank was plunged into crisis by revealing a 2 billion dollar trading loss.
In Ghana, Adoboli's father was devastated with the news and asked that his son is not pre-judged.
(SOUNDBITE)(English) JOHN ADOBOLI, FATHER OF UBS ROGUE TRADER, SAYING:
"I want the world to have an open mind. I don't want the world to judge him before he reaches the court."
The retired UN employee said he was sure of his son's integrity.
(SOUNDBITE)(English) JOHN ADOBOLI, FATHER OF UBS ROGUE TRADER, SAYING:
"I know my son he will never do that thing in order to benefit from it, if it happened maybe it is a mistake so the British system or the traders everywhere in the world should open their minds and see what actually happened."
31-year-old Adoboli was arrested at the bank's London office on Thursday after it discovered a problem earlier in the week.
UBS is in turmoil as ratings agencies warned lax risk management could prompt downgrades.
The latest rogue trading scandal is an unwelcome blow to the Swiss bank which had recently seen client confidence begin to return this year.
Marie-Claire Fennessy, Reuters
The London-based trader for Swiss banking giant, UBS was accused of two counts of false accounting and one count of fraud by abuse of position.
The charges came a day after the bank was plunged into crisis by revealing a 2 billion dollar trading loss.
In Ghana, Adoboli's father was devastated with the news and asked that his son is not pre-judged.
(SOUNDBITE)(English) JOHN ADOBOLI, FATHER OF UBS ROGUE TRADER, SAYING:
"I want the world to have an open mind. I don't want the world to judge him before he reaches the court."
The retired UN employee said he was sure of his son's integrity.
(SOUNDBITE)(English) JOHN ADOBOLI, FATHER OF UBS ROGUE TRADER, SAYING:
"I know my son he will never do that thing in order to benefit from it, if it happened maybe it is a mistake so the British system or the traders everywhere in the world should open their minds and see what actually happened."
31-year-old Adoboli was arrested at the bank's London office on Thursday after it discovered a problem earlier in the week.
UBS is in turmoil as ratings agencies warned lax risk management could prompt downgrades.
The latest rogue trading scandal is an unwelcome blow to the Swiss bank which had recently seen client confidence begin to return this year.
Marie-Claire Fennessy, Reuters