London Police charge man over $2 billion UBS fraud

By REUTERS
September 16, 2011 17:55




LONDON - London police probing a $2 billion loss at Swiss bank UBS charged trader Kweku Adoboli with fraud on Friday.

Adoboli, 31, who was a UBS director of exchange traded funds, will appear before City of London Magistrates court later on Friday.

"City of London Police has since charged the 31-year-old with fraud by abuse of position and false accounting," police said in a statement.

"The City of London Police investigation is ongoing and officers continue to work in close collaboration with the FSA (Financial Services Authority), SFO (Serious Fraud Office) and CPS (Crown Prosecution Service)."


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