Prosecution opens in banker trial

Kweku Adoboli is to appear at Southwark Crown Court to face two counts of fraud and two of false accounting

Kweku Adoboli is to appear at Southwark Crown Court to face two counts of fraud and two of false accounting

First published in National News © by

The prosecution in the trial of a City banker accused of gambling away £1.4 billion is due to open.

Kweku Adoboli, 32, will appear at Southwark Crown Court to face two counts of fraud and two of false accounting. Jury selection in the case took place on Monday and the panel were sworn in.

Adoboli from Clark Street, Whitechapel, east London, is accused of losing the money in Britain's biggest alleged banking fraud.

He worked for Swiss bank UBS's global synthetic equities division, buying and selling exchange traded funds, which track different types of stocks, bonds or commodities such as metals.

Adoboli is accused of falsifying records and dishonestly using his position to try to make a personal gain and therefore causing UBS losses or exposing the bank to the risk of loss.

It is alleged that he lost a total of 2.25 billion US dollars, and charges relate to the period between October 2008 and last September.

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