UBS trader Kweku Adoboli has been charged by London police "with fraud by abuse of position and false accounting," police said in a statement via Reuters. The outlet also says that UBS has declined comment at this time. Adoboli had been arrested and linked to unauthorized trading that cost the Swiss bank $2 billion. Multiple reports appearing on Friday morning had also said that the employee had admitted to unauthorized trading to UBS. "Risk-control officers at UBS discovered unauthorized trades allegedly made by Mr. Adoboli, who in turn admitted to having made the trades, according to a person familiar with the situation," the Wall Street Journal reported.
This article is from the archive of our partner The Wire.