Prosecutors extended the period of time that the UBS trader will be charged with fraudulent trading in court today.
U.K. authorities previously alleged that Kweku Adoboli’s false accounting extended back to 2008 at the time of his arrest, but now they have formally extended the period they say Adoboli committed trading fraud, too, the Wall Street Journal reported.
From the WSJ:
In court Thursday, the prosecutor [alleged] that his fraudulent trading at the Swiss banking giant dated back to Oct. 1, 2008 and continued through the end of 2010. Previously, charges of fraud against Mr. Adoboli dated back to January 2011. A separate false-accounting charge against Mr. Adobli dated to 2008.
So you have to wonder what S&P 500, DAX, and EuroStoxx index futures (which he is accused of losing money trading) were doing on October 1 2008.
The court hearing yesterday also revealed a hint about Adoboli’s defence. His attorney said that Adoboli is “sorry beyond words” for his “disastrous miscalculations.”
So his defence might be that he “miscalculated,” rather than intentionally committed fraud.
Prosecutors also amended one of the existing charges to specify the the losses at UBS as being more than $1.5 billion, the report said. The change comes after UBS calculated that the total accumulating losses were approximately $2.3 billion.
Adoboli, 31, did not apply for bail and will remain in police custody. His next hearing is scheduled for October 20.