Trader granted bail in $2 billion UBS case
A British court has granted bail to a trader accused of fraud following a $2 billion loss at UBS, Switzerland’s largest bank.
Former UBS trader Kweku Adoboli was granted bail after a closed door hearing Friday at Southwark Crown Court. He has pleaded not guilty to two counts of fraud and two counts of false accounting between 2008 and 2011.
The amount of bail was not disclosed. Adoboli must wear an electronic tag and reside at a friend’s house under the terms set by the court. He is due to stand trial in September.
