Former UBS trader claims actions were not fraudulent as defence begins

City A.M. Reporter
Former UBS trader Kweku Adoboli addressed the court for the first time in his six-week trial today, relating to losses of $2.3bn (£1.4bn) sustained by the Swiss bank.

Adoboli claimed his actions were not fraudulent, and said that he had worked hard for six years to generate profits for the bank.

The former trader has pleaded not guilty to two counts of fraud and four of false accounting, covering the period between October 2008 and September 2011.

Adoboli, who worked on a trading desk at UBS’s investment banking arm in London, was arrested on 15 September 2011, the day UBS announced it had “discovered a loss due to unauthorised trading”. He remained in custody until 8 June, when he was released on bail.