Cookie consent

We use cookies to improve your experience on this website. By continuing to browse our site you agree to our use of cookies. Tell me more | Cookie preferences

Lawyer: Accused UBS bank trader 'sorry beyond words'

Kweku Adoboli, a trader for the Swiss investment bank UBS, arrives at the City of London Magistrates Court.

Story highlights

  • Kwaku Adoboli faces four charges involving fraud and false accounting
  • The trader at Swiss bank UBS was arrested last week
  • UBS says it has lost $2.3 billion in unauthorized trading
  • Adoboli has not yet entered a plea to the charges

A bank trader accused of fraud in connection with a $2.3 billion loss in unauthorized trading reported by Swiss giant UBS is "sorry beyond words," his lawyer said Thursday.

Kwaku Adoboli was remanded in custody until October 20 by the City of London Magistrates' Court.

In a statement to the court, lawyer Patrick Gibbs said his client was "sorry beyond words for what happened here."

His client "went to UBS himself," the lawyer said.

Adoboli faces a charge of fraud by abuse of position between January and September 2011, causing losses in excess of $1.5 billion, and two counts of false accounting.

UBS: What went wrong?

    Just Watched

    UBS: What went wrong?

UBS: What went wrong? 01:29
Rogue trader costs UBS $2 billion

    Just Watched

    Rogue trader costs UBS $2 billion

Rogue trader costs UBS $2 billion 02:02

A new charge of fraud by abuse of position from October 2008 to October 2010 was also added Thursday.

Adoboli's legal team has not applied for bail and he has not yet entered a plea on the charges.

The 31-year-old was first charged Friday, a day after he was arrested in connection with the discovery of unauthorized deals at UBS.

The Financial Services Authority, the Serious Fraud Office and the Crown Prosecution Service are also involved in investigating the case.

UBS said no client positions were affected by its $2.3 billion loss.

But the "unauthorized trading by a trader in its investment bank" could cause UBS to post a loss in the third quarter of this year, it said.

The loss would potentially be among the largest ever to a bank in unauthorized trading.