Kweku Adoboli, the UBS trader who is accused of racking up losses of $2.3 billion through unathorised trading activity at the Swiss bank, has pleaded not guilty to charges of fraud and false accounting at a court hearing in London.
UBS 'rogue trader' Adoboli pleads not guilty ... How did the risk department plead?
No way Adoboli could do this on his own and fool his bosses, colleagues, risk and audit - he is no genius. But now, in pleading not guilty, it appears he is not prepared to be the scapegoat. It will be interesting to see what his defence is. It will be in
UBS's interest to portray this as a single rogue trader incident whatever the consequence in regulatory fines, rather than admit others were involved.
Aoboli, isn't alone by the looks of things. After he was nabbed, several other members of his trading desk and the management directly above him resigned.
It appears is often the case, that the rogue trading event at UBS wasn't isolated to a single instance of malpractice.
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