UBS On Hot Seat As Rogue Trading Probes Begin

Law360, New York (February 3, 2012, 4:45 PM EST) -- Financial regulators in Switzerland and the U.K. have begun an investigation into how London-based trader Kweku Adoboli was allegedly able to rack up $2.3 billion in losses while working for Swiss banking giant UBS AG, the regulators said Friday.

The announcements came the same day Adoboli was denied bail in London ahead of a trial on fraud and false accounting charges. He pled not guilty on Monday. His trial is expected to last eight weeks and is set to begin Sept 3.

Zurich-based UBS said in...
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