Switzerland’s biggest bank tumbled in September 2011 after losing at least $2 billion in unauthorized trades allegedly made by Kweku Adoboli, a London-based trader who worked for the investment bank’s European equities division. UBS later admitted to ignoring a warning issued by its computer system to alert managers of the 31-year-old Adoboli’s trades, which ultimately led to the resignation of Chief Executive Officer Oswald Gruebel and Francois Gouws and Yassine Bouhara, the co-heads of UBS’s global equities business.
Adoboli has been charged with multiple accounts of fraud and false accounting, to which he pled not guilty. He is being held without bail and the trial is slated for September 2012 after two delay requests and a change of legal representation by Adoboli.
