LONDON/ZURICH (Reuters) - British police charged UBS trader Kweku Adoboli with fraud on Friday, a day after the Swiss bank said it had lost about $2 billion in unauthorized trades.
UBS was in turmoil as ratings agencies warned lax risk management could prompt downgrades and senior executives canceled engagements to meet financial regulators.
Adoboli, 31, worked as a director of exchange traded funds at UBS. He will appear at City of London Magistrates court later on Friday, police said.
UK law firm Kingsley Napley has been hired to represent Adoboli. The firm also advised rogue trader Nick Leeson, whose $1.4 billion derivatives losses triggered the collapse of Britain's Barings Bank in 1995.
via news.yahoo.com
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