UBS Trader Held In Jail Over Charge That Dates Back To 2008

A judge ordered UBS’ Kweku Abodoli to be held in prison until his next hearing today, according to USA Today.

Abodoli, represented in court today by the same lawyer as one of the first rogue traders, did not enter any pleas today. He was charged with one count of fraud by abuse of position and two counts of false accounting. Prosecutors said one of his alleged offenses dated back to 2008, and indicated that Adoboli is alleged to have made efforts to cover his tracks following unsuccessful trades. (People have speculated that part of loss might also have stemmed from the Swiss Franc.)

He will be held until September 22, when there will be another hearing about the case.

Another new development is a rumour that was printed in the Swiss newspaper Tages-Anzeiger.

It claimed that the entire trading team in London where the alleged unauthorised deals took place had been suspended. It also said that more job cuts would be announced on November 17.

A spokesman for the firm told USA Today that the paper’s report of new job cuts at the investment bank referred to job cuts that have already been announced. So they’re happening, but we already knew about them. And they’re not connected to the rogue trading scandal.