City trader denies £1.5bn accusations
A City trader and former Yorkshire schoolboy has denied gambling away a record £1.5bn in Britain’s biggest banking fraud.
Kweku Adoboli, 31, who now lives in east London, will go on trial accused of losing vast amounts of money while working for Swiss banking giant UBS.
Wearing a tailored grey suit and dark blue tie when he appeared at Southwark Crown Court yesterday, he spoke only to enter not guilty pleas to two counts of fraud and two counts of false accounting.
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Hide AdAdoboli, a pupil at Ackworth School, near Pontefract, until 1998, worked for UBS’s global synthetic equities division, buying and selling exchange traded funds. He is accused of dishonestly using his position to try to make a personal gain, and causing UBS losses or exposing the bank to the risk of loss.