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UBS trader charged with fraud

A trader in Britain has been charged with fraud over a $2 billion (SFr1.75 billion) loss at Swiss bank UBS.

The man, who worked on a UBS equities desk, appeared before a London magistrates court on Friday, confirming his name and address. He was remanded in custody until Thursday.

He is charged with fraud by abuse of position and false accounting. Police said the investigation was ongoing.

The man was arrested in the early hours of Thursday. He is being represented by Kingsley Napley, a law firm which represented Nick Leeson - the  trader who brought down British bank Barings in 1995 after he made around $1.4 billion of losses in unauthorised trades.

In Switzerland, UBS faced pressure to explain how its managers failed to catch the $2 billion loss, and how monitoring systems had been unable to flag up the alleged unauthorised trades. and agencies

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