An alleged trading scheme at UBS AG went undetected for three years before it was finally discovered, triggering a $2 billion loss, U.K. authorities indicated Friday as they charged a 31-year-old trader at the Swiss bank with fraud.<\/p>\n
Flanked by a newly hired lawyer from a top London firm, Kweku Adobol<\/strong>i briefly gaped at reporters at his court hearing and said little beyond providing his birth date and address.<\/p>\n Mr. Adoboli<\/strong>, who didn\u2019t enter a plea, dabbed his eyes with a tissue during a roughly 30-minute hearing at the City of London Magistrates\u2019 Court in London\u2019s financial district.<\/p>\n The charges came as an early picture began to emerge of lapses inside one of the world\u2019s largest banks that allegedly allowed a young trader on a small stock desk to cause huge losses over three years, a much longer period than initially suspected.<\/p>\n","protected":false},"excerpt":{"rendered":" An alleged trading scheme at UBS AG went undetected for three years before it was finally discovered, triggering a $2 billion loss, U.K. authorities indicated Friday as they charged a 31-year-old trader at the Swiss bank with fraud. Flanked by a newly hired lawyer from a top London firm, Kweku Adoboli briefly gaped at reporters […]<\/p>\n","protected":false},"author":210,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[23],"tags":[],"class_list":["post-10050","post","type-post","status-publish","format-standard","hentry","category-national-news","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/flsentinel.com\/index.php?rest_route=\/wp\/v2\/posts\/10050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flsentinel.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flsentinel.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flsentinel.com\/index.php?rest_route=\/wp\/v2\/users\/210"}],"replies":[{"embeddable":true,"href":"https:\/\/flsentinel.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10050"}],"version-history":[{"count":0,"href":"https:\/\/flsentinel.com\/index.php?rest_route=\/wp\/v2\/posts\/10050\/revisions"}],"wp:attachment":[{"href":"https:\/\/flsentinel.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flsentinel.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flsentinel.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}