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London trader accused of massive loss granted bail

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London trader accused of massive loss granted bail
Submitted by Fox First at Ten on June 8th

LONDON (AP) - A British court has granted bail to a trader accused of fraud following a $2 billion loss at UBS, Switzerland's largest bank.
Former UBS trader Kweku Adoboli was granted bail after a closed door hearing Friday at Southwark Crown Court. He has pleaded not guilty to two counts of fraud and two counts of false accounting between 2008 and 2011.
The amount of bail was not disclosed. Adoboli must wear an electronic tag and reside at a friend's house under the terms set by the court. He is due to stand trial in September.
The former trader is allegedly linked with unauthorized trades that cost the bank more than $2 billion.
The incident hurt the bank's efforts to clean up its image after a tax evasion investigation in the United States.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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