Kweku Adoboli, the former UBS AG (UBSN) trader who is accused of causing the largest loss from unauthorized trading in British history, pleaded not guilty to fraud and false accounting.
Adoboli, dressed in a grey suit and blue tie, pleaded not guilty to all charges at a hearing in London today. A trial that may last as long as eight weeks was scheduled to start in early September.Adoboli, 31, has been in custody since Sept. 15 when UBS asked London police to arrest him for causing a $2.3 billion loss. The case led to the departures of Chief Executive Officer Oswald Gruebel and the co-heads of the Swiss bank’s global equities business. The trial could be “really awful” for UBS, said Steven Francis, a regulatory lawyer in London.
