A former UBS trader accused of carrying out a $2.3 billion "rogue trading" fraud that rocked the Swiss bank was given more time Tuesday to consider his plea after changing his legal team, according to an CNBC report..
Lawyers for Kweku Adoboli, 31, who worked as a director of exchange traded funds, said he was unable to enter a "proper and meaningful" plea because he was unhappy with the guidance he had received from a defence team that he dropped last week.
Adoboli was sent back to spend Christmas in jail before another hearing on January 30 when he must enter a plea over two charges of fraud and two of false accounting.
"I am certainly not satisfied that he has received adequate legal advice," new defence lawyer Paul Garlick told the court, adding that Adoboli would plead not guilty, if pressed by the court to make an early decision.
Judge Alistair McCreath adjourned the case to January 30 and said he would not accept any further delays. "This is it. The case will go ahead on that day whatever (happens)."
Read more at http://www.cnbc.com/id/45747701
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