Ex-UBS trader denies fraud charges

The former UBS trader accused of unauthorised deals has pleaded not guilty to all four charges of fraud and false accounting in a London court.

This content was published on January 30, 2012 and agencies

The 31-year-old man, whose actions the Swiss bank says cost it some $2.3 billion (SFr2.1 billion), faces two charges of fraud and two of false accounting in a case that has shaken the investment banking world.

The British-educated son of a retired United Nations official from Ghana worked as a director of exchange traded funds at UBS.

The man, who faces a maximum ten-year jail sentence if found guilty, spoke only to confirm his name and reply "not guilty" to all the charges when they were read out to him at a packed Southwark Crown Court . 

Judge Alistair McCreath remanded him in custody and set the start of the trial for September 3. 

"An earlier trial would be simply not possible," he said. 

At a previous hearing, his lawyer had said the accused was “sorry beyond words for what had happened”. 

The scandal cost former UBS CEO Oswald Grübel his job.

In a statement after Monday's hearing, UBS said in a statement: "With active criminal proceedings, English criminal law limits what we can say about this incident, therefore UBS will not be commenting."

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

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