UBS trader appears in court, does not seek bail

Reuters News
|
Posted: Sep 22, 2011 7:19 AM
UBS trader appears in court, does not seek bail

LONDON (Reuters) - UBS trader Kweku Adoboli did not seek bail when he made a brief court appearance in London on Thursday for a hearing in a case that has cost the Swiss bank $2.3 billion.

Adoboli faced an additional charge of fraud dating between October 2008 and December 2010 which prosecutors said related to "reckless and inappropriate" trades.

Lawyer Patrick Gibbs said Adoboli was "sorry beyond words for what had happened." He did not enter a plea and was remanded in custody until a further hearing next month.

(Reporting by Michael Holden)