Bloomberg News

Ex-UBS Trader Adoboli Leaves Prison as He Awaits Trial in London

June 13, 2012

Kweku Adoboli, the former UBS AG (UBSN) trader accused of causing a $2.3 billion loss for the bank from unauthorized trading, left prison yesterday after meeting bail.

Adoboli, 32, was released from Wandsworth prison in southwest London in a McDonald’s parking lot last night, his law firm, Bark & Co., said in a post on Twitter. He is staying at a friend’s apartment in the British capital, said his lawyer, Tim Harris.

Adoboli had been in custody since his Sept. 15 arrest. He was granted bail at a hearing last week and will have to wear an electronic monitoring device and have a curfew as part of the conditions. He also surrendered his passport. Harris declined to comment on the bail amount.

Adoboli, who worked for the investment bank’s Delta One desk, has pleaded not guilty to fraud and false accounting for allegedly causing the loss, the largest from unauthorized trading in British history.

A trial is scheduled in September.

To contact the reporter on this story: Lindsay Fortado in London at lfortado@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus