BUSINESS

Ex-UBS trader goes on trial accused of fraud that cost Swiss bank $2 billion

09/14/2012 03:26 EDT | Updated 11/13/2012 05:12 EST
LONDON - A former UBS trader is going on trial, accused of unauthorized trades that cost Switzerland's biggest bank more than $2 billion.

Kweku Adoboli has pleaded not guilty to two counts of fraud and two counts of false accounting between 2008 and 2011.

Ghana-born Adoboli was a senior equities trader with the bank in London when he was arrested in September 2011 after UBS discovered irregularities in trading records. The bank estimated its loss at $2.3 billion.

The incident hurt the bank's efforts to restore its image after a Swiss government bailout and a tax evasion investigation in the United States.

Prosecutors are expected to begin laying out their case against 32-year-old Adoboli at London's Southwark Crown Court on Friday. The trial is scheduled to last eight weeks.