The UBS rogue trader accused of costing the Swiss bank $2.3 billion (SFr2.06 billion) has been remanded in custody to appear for a plea and case management hearing next month.
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The 31-year-old who worked as a director of exchange traded funds at UBS in London, is charged with two counts of fraud dating back to 2008 and two counts of false accounting.
He made no application for bail at the City of London magistrates court and will next appear on November 22 at Southwark Crown Court, the London court which specialises in financial criminal cases.
It was the trader’s third court appearance since being arrested in September. He is the British-educated son of a retired United Nations official from Ghana, and his father was one of those present.
At a previous hearing, his lawyer said he was “sorry beyond words for what had happened”.
UBS CEO Oswald Grübel resigned in the wake of the scandal. He has been replaced at the helm on an interim basis by 51-year-old Swiss banker, Sergio Ermotti.
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The interim appointment crowns a stellar career for the investment banker and many observers believe he will be given the job of leading 65,000 employees on a permanent basis. But who is Sergio Ermotti? “I have the feeling that I have come home,” said Ermotti when he joined UBS in April of this year as…
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Grübel had been under pressure since it became known on September 15 that a London-based UBS investment bank trader had lost the bank $2.3 billion (SFr2.09 billion). “The board regrets Oswald Grübel’s decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorised trading incident,” said UBS chairman, Kaspar Villiger,…
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