UBS ‘rogue’ trader Kweku Adoboli to be bailed

A City trader accused of a £1.4bn ($2.2bn) fraud at the London offices of Swiss banking giant UBS is to be freed from Wandsworth Prison on bail.Kweku Adoboli, 32, will be released on Monday with an electronic tag ahead of his trial in September, a bail hearing at Southwark Crown Court heard.He was “delighted” by the decision, his lawyer Giles Bark-Jones said.The trader, who was arrested in September last year, denies two charges of false accounting and two of fraud.

£1.4bn fraud accused granted bail

A City trader from London accused of gambling away a record £1.4 billion in a banking fraud has been granted bail.Kweku Adoboli, 32, from Clark Street, Whitechapel, east London, is accused of losing the money while working for Swiss banking giant UBS.He denied two counts of fraud and two counts of false accounting at an earlier hearing but was remanded in custody.After a bail hearing held behind closed doors at Southwark Crown Court, Adoboli was granted bail on the condition that he must reside at a friend's house and abide by a curfew enforced using an electronic tag.A sum of surety, put up by friends but which was not disclosed publicly, was also imposed.Adoboli was said to be "delighted" to have been given bail.He is due to stand trial in September with a possible preliminary hearing scheduled for July 20. » UBS ‘rogue’ trader Kweku Adoboli to be bailed