Trader who lost £1.5bn 'sorry beyond words'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The "rogue trader" accused of losing his bank a record £1.5bn appeared in court yesterday to face a further charge of fraud.
Kweku Adoboli, 31, had already been charged with two counts of false accounting and one of fraud after he was arrested last week in the offices of the Swiss banking giant UBS. Mr Adoboli's defence lawyer Patrick Gibbs QC said: "He is sorry beyond words for what has happened here. He stands now appalled at the scale of the consequences of his disastrous miscalculations."
The Ghanaian-born trader, who wore a grey suit with navy blue tie, gave no indication of how he will plead. He put his hand on his heart and nodded to the public gallery as he stood to confirm his name and address at City of London magistrates' court.
Alison Gowman, the chief magistrate, said Mr Adoboli will appear at the same court on 20 October for a committal hearing. The Financial Services Authority and its Swiss counterpart have launched an investigation into why UBS failed to spot the allegedly fraudulent trading.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments