Charged UBS 'Rogue Trader' Kweku Adoboli Weeps in Court

 
on September 16 2011 4:32 PM

Charged UBS rogue trader Kweku Adoboli wept in court Friday during a 15-minute hearing in London over a charge of fraud and two charges of false accounting involving a $2 billion loss for the Swiss-based bank.

Wearing an open-necked white shirt and a sky blue sweatshirt, according to The Telegraph, the 31-year-old Adoboli was handed a tissue from the court clerk and he wiped a tear away during the hearing.

The court read the charges against Adoboli in the brief hearing: While occupying a position, namely being a senior trader with Global Synthetic Equities, in which you were expected to safeguard, or not to act against, the financial interests of UBS Bank, you dishonestly abused that position intending thereby to make a gain for yourself, causing losses to UBS or to expose UBS to risk of loss.

The court said the fraud offense allegedly occurred between Jan. 1 and Sept. 14 of this year, while the alleged two accusations of false accounting occurred between 2008 and 2009 and between January and September of this year.

UBS, Switzerland's largest bank with global operations, asked British police to arrest the company employee, The Washington Post reported. Adoboli was reportedly arrested at a business address in London at 3:30 a.m. Thursday on charges of fraud and abuse of position in connection with the trading losses.

According to the BBC, Adoboli allegedly told UBS about his activity after the bank's monitoring systems hadn't picked up the loss. He was later arrested at his desk at UBS after the bank contacted London police.

Last week, Adoboli had posted a Facebook message saying, I need a miracle.

Colleagues at UBS AG called Adoboli up and coming and someone who worked hard ... played quite hard, too.

Adoboli was arrested on Thursday by London police on suspicion of fraud by abuse of position. Born in Ghana, the Nottingham University alum studied computer science in college and went to work at UBS in London in 2006.

According to the Financial Times, a former colleague of Adoboli's who worked in UBS' London-based exchange and sat near the trader said Adoboli was well regarded by fellow workers.

He came across as someone who worked quite hard to get where he was and played quite hard, too, the acquaintance told the Financial Times. There is a lot of shock, horror and disbelief. He was incredibly straight and upstanding with very high integrity. He would definitely not be the first place you start looking.

But over the past month, as global financial markets from the U.S. to Europe rocked among concerns over government debts and slow-growth economies, Adoboli reportedly shared with others concerns through social media posts.

Can we shut down global markets for a week so everyone can just chill out? Adoboli wrote in one social network post.

A former landlord said Adoboli is a well-dressed quiet man who wasn't the tidiest but was very well spoken.

His father, John Adoboli, told the Telegraph from his home in Ghana that his son made a mistake or wrongful judgement.

We are all here reading all the materials and all the things being said about him. The family is heartbroken because this is not our way of life, said the elder Adoboli. I brought them up to be God-fearing and to appreciate decency. Growing up and through to school days they were very brilliant and respectful.

Share this article