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.
