Bark & Co Solicitors London, United Kingdom

Ex-UBS Trader to Be Free on Bail While Awaiting Trial Kweku Adoboli, the former UBS AG (UBSN) trader who allegedly caused a $2.3 billion loss from unauthorized trading, will be freed on bail while he awaits trial in London, his lawyer said following a court hearing. Adoboli, 32, can leave Wandsworth prison in southwest London, where he has been in custody since around the time of his arrest on Sept. 15, attorney Tim Harris said following the hearing. His previous bail request in February was denied.

Ex-UBS Trader to Be Free on Bail While Awaiting Trial While Harris declined to provide details on the bail amount, he said Adoboli will wear an electronic monitoring device, have a curfew and will have to reside at a friend’s home in London. A trial for Adoboli is scheduled for early September. He has pleaded not guilty to fraud and false accounting for allegedly causing the loss, the largest from unauthorized trading in British history.

Ex-UBS Trader to Be Free on Bail While Awaiting Trial Harris said his client was “delighted, hugely grateful to the judge and his friends and family for supporting him.” It “was a very emotional scene,” he added. Adoboli may leave prison as early as Monday, depending on when the bail conditions are met, Harris said. Jenna Ward, a UBS spokeswoman, declined to comment.

Ex-UBS Trader to Be Free on Bail While Awaiting Trial Delta One Desk Adoboli worked for the investment bank’s Delta One desk, which handles trades for clients -- or risks the bank’s own money -- typically by speculating on, or hedging the performance of, a basket of securities. Adoboli, wearing a grey suit and purple tie, was supported at the hearing by about 10 of his friends and family, some of whom offered sureties for his bail application, which was heard in private.

Ex-UBS Trader to Be Free on Bail While Awaiting Trial Ten people have left UBS in relation to the case, according to the bank. In April, lawyers for Adoboli said they would seek documents from Swiss bank to use in his defense, including details from disciplinary hearings with his co-workers and e- mails he sent and received.

Ex-UBS Trader to Be Free on Bail While Awaiting Trial The U.K. Financial Services Authority and the Swiss Financial Market Supervisory Authority, known as Finma, are investigating the risk controls at UBS’s investment bank that didn’t prevent the unauthorized trades. The regulators said in a joint statement in February that they were formalizing their enforcement action of the incident.

Ex-UBS Trader to Be Free on Bail While Awaiting Trial The move to a formal enforcement proceeding typically indicates the regulators have found sufficient evidence of financial rule violations. UBS has said it is cooperating. To contact the reporter on this story: Lindsay Fortado in London at lfortado@bloomberg.net To contact the editor responsible for this story: Christopher Scinta at cscinta@bloomberg.net