Rogue Trader Charged With Fraud

    LONDON, ENGLAND - SEPTEMBER 15:  The sign for the UK headquarters of the Swiss banking group UBS after it was announced that unauthorised trades by an investment banker had cost the bank 1.3 billion GBP on September 15, 2011 in London, England. Police have arrested at 31 year old man in connection with the rogue trading whilst shares in UBS have fallen sharply on the news.  (Photo by Oli Scarff/Getty Images)

    Oli Scarff / Getty Images

    London police have charged the suspected rogue trader with fraud after he lost $2 billion in unauthorized trades. The 31-year-old Kweku Adoboli remains in police custody. Adoboli was arrested after he told UBS about the loss himself, according to the BBC. UBS' internal controls didn't detect the massive loss. The Financial Services Authority is investigating why UBS failed to detect the unauthorized trades. Adoboli has hired the law firm Kingsley Napley, which represented Nick Leeson, the rogue trader of Barings Bank.

    Read it at BBC