UBS 'rogue' trader pleads not guilty to charges

The alleged rogue trader at the heart of a multi-billion pound fraud investigation has pleaded not guilty to two charges of false accounting and two of fraud.

Kweku Adoboli, who worked for Swiss bank UBS, appeared at Southwark Crown Court accused of unauthorised trading that lost the bank around £1.5bn ($2.3bn). Adoboli, the 31-year-old who worked for UBS's global synthetic equities division, was remanded in custody by the Judge Alistair McCreath after his plea. He was arrested back in September when the scandal broke. In the wake of the losses, a number of high profile figures at UBS quit the firm, including Oswald Gruebel, the chief executive, and the chief risk officer. A provisional trial date of 3 September has been set.