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UBS trader charged with fraud

2011-09-17 43 Dailymotion

Kweku Adoboli was charged with fraud in a London court on Friday.<br/> The London-based trader for Swiss banking giant, UBS was accused of two counts of false accounting and one count of fraud by abuse of position.<br/> The charges came a day after the bank was plunged into crisis by revealing a 2 billion dollar trading loss.<br/> In Ghana, Adoboli's father was devastated with the news and asked that his son is not pre-judged.<br/> (SOUNDBITE)(English) JOHN ADOBOLI, FATHER OF UBS ROGUE TRADER, SAYING:<br/> "I want the world to have an open mind. I don't want the world to judge him before he reaches the court."<br/> The retired UN employee said he was sure of his son's integrity.<br/> (SOUNDBITE)(English) JOHN ADOBOLI, FATHER OF UBS ROGUE TRADER, SAYING:<br/> "I know my son he will never do that thing in order to benefit from it, if it happened maybe it is a mistake so the British system or the traders everywhere in the world should open their minds and see what actually happened."<br/> 31-year-old Adoboli was arrested at the bank's London office on Thursday after it discovered a problem earlier in the week.<br/> UBS is in turmoil as ratings agencies warned lax risk management could prompt downgrades.<br/> The latest rogue trading scandal is an unwelcome blow to the Swiss bank which had recently seen client confidence begin to return this year.<br/> Marie-Claire Fennessy, Reuters

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