Trader in $2.3bn fraud case ‘sorry beyond words’

THE trader accused of a $2.3 billion (€1.7bn) fraud at Swiss bank UBS is “sorry beyond words”, his lawyer said yesterday, as a court remanded him in custody for another month.

Kweku Adoboli, 31, faced an additional charge of fraud as he made a brief appearance in front of a packed City of London Magistrates’ Court but did not enter a plea or appeal for bail.

“He is sorry beyond words for what has happened,” defence lawyer Patrick Gibbs told the court. “He went to UBS and told them what he had done, and stands now appalled at the scale of the consequences of his disastrous miscalculations.”