Kweku Adoboli, the trader arrested yesterday on suspicion of fraud at UBS AG, hired lawyers at Kingsley Napley LLP in London to represent him, a spokeswoman for the law firm said today in a phone interview.
A former portfolio manager for Steven A. Cohen’s SAC Capital Advisors LP was charged with what U.S. prosecutors called a record-setting insider-trading scheme that netted as much as $276 million for the hedge fund.
Kweku Adoboli, the trader arrested Sept. 15 after UBS AG said it discovered unauthorized trades that caused a $2 billion loss, was charged with fraud and two counts of false accounting dating back to 2008.
U.K. prosecutors may bring another round of charges against traders and brokers linked to the Libor scandal as soon as next month, according to lawyers familiar with the investigation, now in its fifth year.
Bank of America Corp., the lender burdened by its Countrywide Financial Corp. takeover, would consider putting the unit into bankruptcy if litigation losses threaten to cripple the parent, said four people with knowledge of the firm’s strategy.