Ex-UBS Trader Adoboli Wants Disciplinary Hearing Data
Stock Chart for UBS AG (UBSN)
Lawyers for Kweku Adoboli, a former UBS AG (UBSN) trader who allegedly caused a $2.3 billion loss from unauthorized trading, told a judge prosecutors aren’t providing them sufficient information.
Defense attorney Charles Sherrard said he wants to know “the nature of any interviews” from disciplinary hearing with Adoboli’s co-workers on the Swiss bank’s Delta One trading desk.
Adoboli, 31, also should have a laptop computer to work on his defense from jail, Sherrard said at a hearing at a London criminal court today.
A judge agreed with a prosecution request to set the hearing on the disclosure motion for June and said prison officials should provide Adoboli with access to material regarding his case on compact disc or DVD.
The former trader has been in custody since his arrest by London police Sept. 15. Adoboli, who holds a Ghanaian passport, was denied bail in February and is being held at Wandsworth prison in southwest London awaiting a trial in early September.
The U.K. and Swiss finance regulators are investigating the risk controls at UBS’s investment bank that didn’t prevent the allegedly unauthorized trades.
Adoboli, who worked for the investment bank’s Delta One desk, which handles trades for clients -- or risks the bank’s own money -- typically speculating on, or hedging the performance of, a basket of securities. The loss allegedly came from trading in Standard & Poor’s 500, DAX (DAX) and EuroStoxx index futures, according to the Zurich-based bank.
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