Alleged UBS rogue trader denies $2.3 billion fraud

Associated Press

LONDON (AP) — A former UBS trader accused of losing $2.3 billion through reckless deals and deceit broke down in tears in court as he insisted he is not guilty of fraud.

Kweku Adoboli took the stand for the first time Friday, six weeks into his trial for fraud and false accounting.

Prosecutors on Friday added two counts of false accounting to four other charges against him.

The 32-year-old trader cried as he said he considered the bank his family, and had only been trying to help it survive the global financial crisis.

Prosecutors say Adoboli lied, invented clients and breached safeguards against high-risk trading to make money for the bank and boost his bonus and status.

He was arrested in September 2011 after UBS discovered irregularities in its records.

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