Rogue trader suspect weeps in court
A City trader wept in the dock as he appeared in court accused of a £1.3 billion fraud at Swiss banking giant UBS.
With an open-necked white shirt and sky blue sweatshirt, Kweku Adoboli stood accused of fraud and two charges of false accounting, one of which dated back to 2008.
The 31-year-old was remanded in custody to appear again at City of London Magistrates' Court for a committal hearing on September 22.
After the hearing, City watchdogs the Financial Services Authority and the Swiss Financial Market Supervisory Authority said they had ordered a "comprehensive, independent investigation" into the events surrounding trading losses at the bank's London operations.
This will see a third party investigate the details of the alleged unauthorised trading activity and why the activities remained undetected.
It will also assess the overall strength of UBS's controls to prevent fraud.
Adoboli was arrested at his desk in a swoop by police in the early hours of Thursday and appeared in court on Friday.
During the 15-minute hearing, the well-built Ghanaian was handed a tissue from the clerk as he wiped a tear away.
The alleged fraud offence took place between January 1 and September 14 this year, the court heard.
The fraud charge against him read: "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."