FORMER UBS trader Kweku Adoboli will stand trial in September after pleading not guilty to charges related to the loss of more than $2bn (£1.27bn) on trades the Swiss bank says were unauthorised.
The trial, which is likely to shine a light on the adequacy of the bank’s management and risk controls, could land Adoboli a maximum 10-year jail sentence if convicted of the two counts of fraud and two of false accounting.
His lawyer Paul Garlick said Adoboli, who worked for the bank as a director of exchange traded funds in London, would try to win bail before the trial starts on 3 September.
The losses led to the resignation of UBS’s chief executive Oswald Gruebel and a shake-up of its investment arm.
Judge Alistair McCreath said the case was “of such magnitude” that there would have to be a long gap between the plea hearing and the start of the trial.
City A.M. Reporter